Acquisition

Standard Chartered PLC 05 August 2003 Standard Chartered Bank expands into Full-Service Banking in South Africa Tuesday 5 August 2003 Standard Chartered Bank, a leading international bank in Asia, Africa and the Middle East, has received authorisation from the South African Reserve Bank to open a branch in South Africa. Standard Chartered's activities in South Africa will in future include consumer banking. The Group today announces its acquisition of 20twenty, the local digital financial services organisation. (This transaction is subject to relevant regulatory approvals being obtained.) The cost of the acquisition is less than US$10 million. Alongside Standard Chartered's growing wholesale banking presence, 20twenty is to become an important platform for Standard Chartered's long-term expansion in South Africa. Bryan Sanderson, Chairman of Standard Chartered PLC said, 'We have one of the largest networks of any international financial institution in sub-Saharan Africa. We are also one of the best known brands on the continent.' Chris Keljik, Group Executive Director, said, 'The expansion of Standard Chartered's business in Johannesburg and the purchase of 20twenty are significant steps in building our South African presence. This acquisition gives us the opportunity to establish a consumer banking arm in South Africa and it gives the Group a low-cost entry point into what we see as an attractive market for consumer financial services.' Standard Chartered's Africa Chief Executive, Peter Sullivan said, 'The Reserve Bank's authorisation to operate as a bank enables us to leverage our African and worldwide network for the benefit of our South African and global clients. We are delighted to welcome 20twenty into the Standard Chartered Group. 20twenty has excellent brand recognition, first class technology, management and staff, and a proven ability to attract new customers quickly.' Since returning to South Africa in the 1990s, Standard Chartered has established a wholesale business through its representative office in Johannesburg. Its newly obtained banking authorisation allows Standard Chartered to expand these activities significantly to the benefit of its clients in South Africa and internationally. Already, Standard Chartered Bank's expanded presence in South Africa has created twenty-one highly skilled new jobs and it intends to create further jobs to match its expansion in consumer banking. ...2/... Christo Davel has been appointed Head of Consumer Banking for Standard Chartered Bank in South Africa. He was previously CEO and founder of 20twenty. 'All of us at 20twenty are thrilled to have found a new home within a bank of the stature, expertise and global reach of Standard Chartered. We would like to thank our existing customers for their loyalty and support, and look forward to growing 20twenty within the Standard Chartered Group,' he said. As Standard Chartered expands its activities in South Africa, it will grow its local staff complement in line with its international policy as an equal opportunity employer and in keeping with South Africa's employment equity guidelines. For more information or interview opportunities, please contact: South Africa: International: Lauren Callie Paul Marriage Standard Chartered Bank, South Africa Standard Chartered PLC 'Lauren.Callie@za.standardchartered.com' 'Paul.Marriage@uk.standardchartered.com' +27 (0)11 217 6600 +44 (0)20 7280 7163 +27 (0)82 894 5581 +44 (0)7909 687 366 Ends Note to Editors: Standard Chartered - leading the way in Asia, Africa and the Middle East Standard Chartered employs 30,000 people in over 500 locations in more than 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas. It is one of the world's most international banks, with a management team comprising 70 nationalities. Standard Chartered is listed on both the London Stock Exchange and the Stock Exchange of Hong Kong and is in the top 25 FTSE-100 companies, by market capitalisation. It serves both Consumer and Wholesale Banking customers. Consumer Banking provides credit cards, personal loans, mortgages, deposit taking and wealth management services to individuals and small to medium sized enterprises. Wholesale Banking provides corporate and institutional clients with services in trade finance, cash management, lending, custody, foreign exchange, debt capital markets and corporate finance. Standard Chartered is well-established in growth markets and aims to be the right partner for its customers. The Bank combines deep local knowledge with global capability. The Bank is trusted across its network for its standard of governance and its commitment to making a difference in the communities in which it operates. This information is provided by RNS The company news service from the London Stock Exchange
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