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SBK
SBK
Standard Bank Group Limited - The Proposed Formation Of A Joint Venture With
Credit Suisse Regarding An Institutional Agency Stock Broker In South Africa
Standard Bank Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1969/017128/06)
Share code: SBK
Namibian Share Code: SNB
ISIN: ZAE000057378
("Standard Bank")
THE PROPOSED FORMATION OF A JOINT VENTURE WITH CREDIT SUISSE REGARDING AN
INSTITUTIONAL AGENCY STOCK BROKER IN SOUTH AFRICA
Standard Bank is pleased to announce that it has entered into a memorandum of
understanding with Credit Suisse to jointly develop a South African
institutional agency stock broker, to be named Credit Suisse Standard
Securities.
The joint venture will incorporate the current institutional agency stockbroking
business of Standard Bank (currently operating through Andisa Securities
(Proprietary) Limited) and in addition will have access to and be able to offer
its clients, inter alia, Credit Suisse"s global research portfolio and equity
distribution platform. Standard Bank and Credit Suisse plan to co-operate on
major equity capital markets transactions in the future.
The equity on-line share trading and private client businesses of the Standard
Bank group will remain separate from the proposed joint venture but will benefit
from the resources and products of the proposed joint venture.
David Munro, Deputy Chief Executive, Standard Bank, Corporate and Investment
Banking, said, "We are very excited at the opportunity to enter into a joint
venture with Credit Suisse,a leading global equity and emerging markets house.
This will substantially extend the service that we are able to offer our clients
in terms of research and distribution."
Michael Philipp, Chief Executive Officer of Credit Suisse in the Europe, Middle
East and Africa region said, "We are very pleased to launch Credit Suisse
Standard Securities, which demonstrates our commitment to South Africa. Credit
Suisse"s leading global emerging market franchise will be further strengthened
by our relationship with Standard Bank and provide a platform for further growth
in South Africa."
Both parties will provide the necessary support to ensure the proposed joint
venture realises its growth potential.
The parties to the proposed joint venture are committed to black economic
empowerment and will ensure the proposed joint venture"s compliance with the
Financial Sector Charter and other legislation relevant to black economic
empowerment.
The proposed joint venture will be subject, inter alia, to the approval of all
applicable regulatory authorities.
Johannesburg
23 March 2006
Investment bank
Standard Bank
Legal adviser to Standard Bank
Cliffe Dekker
Legal adviser to Credit Suisse
Bowman Gilfillan Attorneys
For further information, please contact:
Standard Bank Media Relations
Erik Larsen
Telephone:011 636 7520
E-mail:erik.larsen@standardbank.co.za
Credit Suisse Media Relations, London
Telephone:+44 207 888 8911
Date: 23/03/2006 09:46:03 AM Produced by the JSE SENS Department
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