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SBK
SBK
Standard Bank and IBTC Chartered Bank Plc reach agreement in principle
Standard Bank Group Limited
Incorporated in the Republic of South Africa
Registration number 1969/017128/06
JSE Share code: SBK
Namibian Share Code: SNB
ISIN: ZAE000057378
("Standard Bank Group")
Standard Bank and IBTC Chartered Bank Plc ("IBTC") reach agreement in principle
Further to recent reports in the Nigerian market, Standard Bank confirms that it
has reached agreement in principle with the Board of Directors of IBTC to merge
Standard Bank`s Nigerian operations with those of IBTC and for Standard Bank
Group to acquire sufficient additional shares in the merged entity to establish
a controlling interest.
Standard Bank`s existing investment in Nigeria is approximately $225 million.
The additional investment by Standard Bank, necessary to reach a 50.1% interest
in the merged entity, is expected to amount to approximately $300 million. The
proposed transaction will be subject to the fulfilment of, inter alia, the
following conditions precedent:
- the final approval of the proposed transaction by the Boards of Directors
of Standard Bank and IBTC;
- all necessary legal and regulatory approvals in Nigeria and South Africa;
- the execution of legal documentation; and
- the receipt of sufficient irrevocable undertakings to successfully execute
the proposed transaction.
A further announcement in this regard will be made when appropriate.
About IBTC Chartered Bank
IBTC was incorporated in February 1989 as Investment Banking & Trust Company
Limited, became a public company in February 2005 and was listed on The Nigerian
Stock Exchange on 25 April 2005. The bank adopted its current name following a
December 2005 merger with Chartered Bank plc and Regent Bank plc, which brought
together IBTC`s corporate and investment banking and wealth creation
capabilities and the retail and commercial banking business and branch network
of Chartered Bank.
IBTC is listed on The Nigerian Stock Exchange with total assets of approximately
N144 billion (US$1.1 billion) and a market capitalisation of approximately
N151.6 billion (US$1.2 billion).
IBTC is a truly universal bank providing corporate and investment banking, asset
management, private banking and comprehensive retail banking services with a
presence in all the major commercial centres in the country. The Bank has
established itself as Nigeria`s pre-eminent investment banking institution.
IBTC is one of the 10 settlement banks in Nigeria and is a primary dealer/market
maker for Federal Government of Nigeria bonds and money market instruments.
IBTC operates from a network of 56 branches and has approximately 750 employees.
The bank was founded by its Chief Executive Officer, Mr Atedo N.A. Peterside
(OON).
Johannesburg
28 February 2007
Sponsor
Standard Bank
Date: 28/02/2007 08:55:58 Produced by the JSE SENS Department.
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