STANDARD BANK INVESTMENT CORPORATION - MANAGEMENT RESTRUCTURING

STANDARD BANK INVESTMENT CORPORATION LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 69/17128/06)("STANBIC")
MANAGEMENT RESTRUCTURING
* BACKGROUND

FOLLOWING MIKE VOSLOO'S EARLY RETIREMENT AND IN THE LIGHT OF THE PRESSURE TO
IMPROVE OPERATIONAL EFFICIENCIES, A NUMBER OF SENIOR MANAGEMENT AND
ORGANISATIONAL CHANGES ARE IMPERATIVE.

WITHIN DOMESTIC BANKING THE INTENTION IS TO HAVE TWO BROAD GROUPINGS - A RETAIL
GROUP AND A GROUP COMPRISING STANDARD CORPORATE AND MERCHANT BANK (SCMB) AND
COMMERCIAL BANKING, WITH APPROPRIATE SUPPORT FROM OPERATIONS, FINANCE, HUMAN
RESOURCES AND THE LIKE.  THIS MUCH SIMPLIFIED MANAGEMENT STRUCTURE WILL
INCREASE THE FOCUS ON OPERATIONAL EFFICIENCY, BUT THE CHALLENGE WILL BE TO
RETAIN THE BENEFITS OF THE CURRENT BUSINESS UNITS WHICH ARE VERY MUCH CUSTOMER
FOCUSED.  THE NEW STRUCTURE HAS A GREATER EMPHASIS ON OPERATIONAL EFFICIENCY
AND IS MORE CENTRALISED.  THIS IS NECESSARY GIVEN THE COMMITMENT REQUIRED TO
ACHIEVE THE DEMANDING BUDGET WE HAVE SET OURSELVES FOR THE YEAR 2000.

THE CONSEQUENCE OF THESE CHANGES WILL BE A GREATER EMPHASIS ON TEAM WORK, AS
OPPOSED TO BUSINESS UNIT SILOS.
* RETAIL BANKING:

RETAIL BANKING, REGIONAL BANKING AND WEALTH CREATION WILL BE MERGED WITH MOST
OF THESE ACTIVITIES ULTIMATELY REPORTING THROUGH TO NOEL WEBB (55).  ALL
PRODUCTS AIMED AT THE RETAIL MARKET WILL BE MANAGED THROUGH A SINGLE RETAIL
PRODUCTS GROUP UNDER THE GUIDANCE OF CHARLES CHEMEL (45), DARREL ORSMOND (39)
AND JOPIE VAN HONSCHOOTEN (52).  THESE PRODUCTS WILL INCLUDE BANKING PRODUCTS,
BANCASSURANCE AND WEALTH CREATION OFFERINGS.

JOHN HOLDING (38) WHO HAS RECENTLY JOINED US FROM LEO BURNETT, WILL BE
RESPONSIBLE FOR MARKET SEGMENTS.
* RETAIL CREDIT

CHRIS LOMBARD (52) WILL MOVE FROM REGIONAL BANKING TO TAKE UP RESPONSIBILITY
FOR RETAIL CREDIT, WORKING CLOSELY WITH NEVILLE ROBERTSON (51) .  THIS IS SUCH
AN IMPORTANT INITIATIVE THAT IT WAS DEEMED CRITICAL FOR CHRIS WITH HIS LINE
EXPERIENCE TO ENSURE THAT CREDIT IS STREAMLINED AND COMPLEMENTS THE FRONT LINE
ACTIVITY.
* OPERATIONS

WHEREVER POSSIBLE THE INTENTION IS TO REMOVE ANY HIGH VOLUME (FACTORY TYPE
OPERATIONS) FROM OTHER BUSINESS UNITS AND MAKE THESE ACTIVITIES PART OF THE
OPERATIONS UTILITY.  ROD HYDE (56) WILL CONTINUE TO RUN THE OPERATIONS UTILITY
WITH PARTICULAR TEAMS DEDICATED TO RETAIL ACTIVITIES AND CORPORATE / COMMERCIAL
ACTIVITIES.
* INFORMATION TECHNOLOGY AND E-COMMERCE

PETER WHARTON-HOOD (34), WHO WAS WITH SCMB AND HAS BEEN RESPONSIBLE FOR
ACTIVATING OUR BANCASSURANCE ARRANGEMENTS WITH LIBERTY LIFE, WILL ASSUME
OVERALL RESPONSIBILITY FOR IT AND ALL VIRTUAL INTERFACES WITH OUR CUSTOMERS.
THESE INCLUDE ALL DIRECT OFFERINGS INCLUDING TELEPHONE AND INTERNET BANKING AS
WELL AS OUR EXCITING ENTRY INTO THE E-COMMERCE ARENA.

RAY HOLTSHOUSEN (58), WHO HAS BEEN RESPONSIBLE FOR STANDARD BANK'S IT FOR MANY
YEARS, WILL GRADUALLY TRANSFER HIS WEALTH OF EXPERIENCE TO PETER WHARTON-HOOD.
* SCMB AND COMMERCIAL

MYLES RUCK (45), WITH HIS DEPUTY BEN KRUGER (40), WILL CONTINUE TO MANAGE SCMB.
 IN ADDITION TO HIS SCMB RESPONSIBILITIES, MYLES WILL ALSO BE RESPONSIBLE FOR
COMMERCIAL.  DAVE BROWN (44) WILL BE THE NEW HEAD OF COMMERCIAL BANKING
REPORTING TO MYLES AND AN EARLY CHALLENGE WILL BE TO OPTIMISE SHARED

INFRASTRUCTURE BETWEEN SCMB, COMMERCIAL BANKING AND THE RETAIL NETWORK.
STANNIC WILL CONTINUE TO REPORT TO DAVE BROWN, BUT IT IS INTENDED TO MOVE THE
RETAIL COMPONENT OF STANNIC TO THE BROADER RETAIL PRODUCTS GROUP.
* RISK MANAGEMENT

A GROUP RISK MANAGEMENT FUNCTION HAS BEEN INTRODUCED AND WILL BE HEADED UP BY
PAUL SMITH (45), FORMERLY OF SCMB.  THIS FUNCTION WILL INCLUDE ALL AREAS OF
RISK, INCORPORATING OPERATIONAL RISK (CREDIT RISK AT A PORTFOLIO LEVEL), MARKET
RISK AND COUNTRY RISK, AS WELL AS INTERNAL AUDIT AND COMPLIANCE.
* HUMAN RESOURCES

JOHN VERSTER (52) WILL CONTINUE TO BE RESPONSIBLE FOR GROUP HUMAN RESOURCES,
WHICH WILL BE RUN AS AN EXTREMELY LEAN CENTRAL FUNCTION. THE LEADERSHIP AND
MANAGEMENT OF PEOPLE WILL BECOME AN INCREASINGLY IMPORTANT CHALLENGE OF LINE
MANAGERS IN THE BUSINESS UNITS, SUPPORTED BY THEIR HR TEAMS.
* FINANCE

ALAN VAN BILJON (52) REMAINS RESPONSIBLE FOR GROUP FINANCE ACTIVITIES.
* STRATEGIC ACTIVITIES AND GROUP MARKETING

JOHN BRYANT (52) RETAINS RESPONSIBILITY FOR GROUP MARKETING BUT IN ADDITION
WILL BE WORKING CLOSELY WITH JACKO MAREE, GROUP CHIEF EXECUTIVE,  ON A NUMBER
OF STRATEGIC PROJECTS.  RICHARD STEYN REMAINS RESPONSIBLE FOR CORPORATE AFFAIRS
AND COMMUNICATIONS. WE ARE FORTUNATE TO HAVE EMPLOYED IRAJ ABEDIAN (44) AS THE
NEW GROUP ECONOMIST.  IRAJ JOINS US FROM THE SCHOOL OF ECONOMICS, UCT.
* LONDON AND INTERNATIONAL

PIETER PRINSLOO (54) REMAINS RESPONSIBLE FOR THESE ACTIVITIES
* AFRICA

ROCCO ROSSOUW (52)  REMAINS RESPONSIBLE FOR AFRICA AND WILL BE SUPPLEMENTING
HIS EXISTING TEAM WITH FURTHER INTERNATIONAL BANKING EXPERTISE.
* LIBERTY LIFE

ROY ANDERSEN (51), CHIEF EXECUTIVE OF LIBERTY LIFE, REPORTS TO DEREK COOPER,
OUR DEPUTY CHAIRMAN.  IT IS ENVISAGED THAT THIS WILL CONTINUE AND THAT JACKO
MAREE WILL BE INVOLVED ONLY IN STRATEGIC RATHER THAN OPERATIONAL ISSUES WITH
REGARD TO LIBERTY.

WITH THIS RESTRUCTURED SENIOR MANAGEMENT TEAM, HAVING A GOOD MIX OF YOUTHFUL
ENERGY AND EXPERIENCE, WE ARE WELL POISED TO TAKE ON THE CHALLENGES OF 2000 AND
BEYOND.