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STANDARD BANK'S EMERGING MARKET INVESTMENT

Release Date: 01/09/1998 16:48
Code(s): SBK SBKP
Wrap Text
STANDARD BANK'S EMERGING MARKET INVESTMENTS

STANDARD BANK INVESTMENT CORPORATION (STANBIC) WISHES TO INFORM ITS STAFF, SHAREHOLDERS AND CUSTOMERS THAT SPECULATION ABOUT THE FINANCIAL SOUNDNESS OF THE GROUP IS WITHOUT ANY FOUNDATION.
THE BANK HAS NO ABNORMAL CREDIT OR MARKET EXPOSURE WITHIN THE SOUTH AFRICAN ECONOMY, AND IS CURRENTLY PERFORMING IN LINE WITH BUDGET. THE AFRICA BANKING GROUP IS TRADING AHEAD OF BUDGET.
THE BANK HAS EXPOSURE TO SOME EMERGING MARKET COUNTRIES, INCLUDING AN
APPROXIMATE $US100 MILLION EXPOSURE TO RUSSIA. ANY LOSSES IN RUSSIA COULD BE SIGNIFICANTLY LESS THAN THIS AMOUNT AND WILL DEPEND ON THE ABILITY OF THE RUSSIAN GOVERNMENT TO RESTRUCTURE ITS FINANCIAL INSTITUTIONS EXPEDITIOUSLY. C B STRAUSS, CHAIRMAN M H VOSLOO, GROUP CHIEF EXECUTIVE JOHANNESBURG 1 SEPTEMBER 1998

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