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STANBIC ACQUIRES MELVILLE DOUGLAS

Release Date: 28/06/2001 15:31
Code(s): SBK
Wrap Text
Standard Bank Investment Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration number 1969/017128/06)
("Stanbic")

Stanbic, Liberty Group Limited ("Liberty") and Melville Douglas are pleased to announce that an agreement has been reached whereby Stanbic will purchase Melville Douglas, a successful highly personalised private client investment management business, subject to regulatory approval.
Christopher Melville and Harvey Douglas founded Melville Douglas in 1983. It has built a substantial client base, has significant assets under
management and is acknowledged as one of the leading private client
investment managers in South Africa. Management has been retained with the exception of Christopher Melville, an original founder and Chairman of the business, who has elected to retire.
This acquisition will form a core component of the soon to be launched joint private banking initiative recently announced by Stanbic and Liberty. This domestic initiative will complement the Stanbic Group's existing international private banking capabilities which are centred in Jersey, the Isle of Man and Hong Kong through the recently announced acquisition of Jardine Fleming Bank. Johannesburg 28 June 2001 Merchant bank and sponsor Standard Corporate and Merchant Bank
(A division of The Standard Bank of South Africa Limited) (Registration number 1962/000738/06) Attorneys Bowman Gilfillan Inc. (Registration number 1998/021409/21)

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