Sanlam Returns Gensec Banking Licence
Sanlam Limited
(Registration number 1959/001562/06)
JSE Share code: SLM
NSX Share code: SLA
ISIN number: ZAE000028262
SANLAM RETURNS GENSEC BANKING LICENCE
The Reserve Bank has accepted the return of the banking licence held by Gensec
Bank. This follows the completion of the restructuring of Gensec Bank into
Sanlam Capital Markets (SCM), announced in August last year as a further step in
the Group`s strategy of improving operational focus and delivery.
The formal approval of the Registrar of Companies for the change of name from
Gensec Bank Limited to Sanlam Capital Markets Limited is pending.
The restructuring has led to the phasing out of the formal banking Cluster
within the Group`s structure, with SCM now forming part of the Group`s finance
division, reporting to Flip Rademeyer, Sanlam`s finance director. SCM will
continue to operate from Sanlam`s offices in Johannesburg, with Mark Murning as
its chief executive. The performance of SCM for the year to date has been
encouraging.
It is expected that SCM in its restructured format will further strengthen
Sanlam`s relationship with Absa. Sanlam holds a strategic investment of 21 % in
Absa and good progress is being made with the co-operation agreement concluded
between the groups in September 2003.
Sanlam`s Group chief executive, Johan van Zyl said that he is pleased that this
restructuring could be delivered within the time frame set in August last year.
`The restructuring of SCM to refocus on areas that are complementary and value
enhancing to the Group, is in line with our strategy of applying a back-to-
basics approach in all areas of our business. SCM will enable the Group to
capitalise on the benefits of a centralised treasury, structured products and
brokerage capability to serve clients`, he said.
Ends
28 June 2004
Date: 28/06/2004 04:51:38 PM Produced by the JSE SENS Department
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