The Standard Bank of South Africa Limited R1 billion Tier III Bond Issue

The Standard Bank of South Africa Limited R1 billion Tier III Bond Issue        
Standard Bank Group Limited                                                     
(Incorporated in the Republic of South Africa)                                  
(Registration number 1969/017128/06)                                            
South African Share Code : SBK                                                  
Namibian Share Code : SNB                                                       
ISIN : ZAE000038873                                                             
The Standard Bank of South Africa Limited R1 billion Tier III Bond Issue        
  The Standard Bank of South Africa Limited today launched a R1 billion Tier    
III bond due 15 February 2005.  The issue, the first Tier III issue by          
Standard Bank and a first in South African Capital Markets, was placed with     
a wide range of domestic institutional investors. "The bond issue was more      
than twice oversubscribed and continues the successful programme over the       
last two years of Standard Bank optimizing its capital structure by making      
use of the full range of qualifying debt instruments. Due to the favourable     
reception by investors, we decided to increase the issue size from R750         
million to                                                                      
R1 billion", says Simon Ridley, Group Financial Director at Standard Bank.      
  A Tier III bond is a debt instrument that can be issued by banks to           
support trading activities and is included as part of overall regulatory        
capital. With this instrument, Standard Bank has been able to supplement its    
regulatory capital with a shorter dated, cost effective instrument, giving      
Standard Bank more flexibility in its capital management.   The bond was        
launched at the prevailing R150 yield plus a spread of 90bp and has a           
maturity of just over two and a half years.  The bond pays a fixed semi-        
annual coupon of 12.50%.                                                        
  The bond was placed by JP Morgan Securities South Africa (Proprietary)        
Limited and Standard Corporate and Merchant Bank, a division of The Standard    
Bank of South Africa Limited (SCMB).                                            
  The issue will be listed on the Bond Exchange of South Africa.  Details of    
the bond issue are:                                                             
- Launch Date: 25 June 2002                                                    
 - Settlement Date: 28 June 2002                                                
 - Bond Exchange Code: SBK4                                                     
 - Nominal: R1 billion                                                          
- Maturity Date: 15 February 2005                                              
 - Coupon: 12.50%                                                               
 - Status:  Subordinated, Unsecured Tertiary Capital Notes                      
For further information please contact:                                         
Simon Ridley, Group Financial Director, Tel: 011 636 3756                       
  This announcement is not for release in the United States, Japan, France,     
Canada or Australia.                                                            
  This announcement does not constitute an offer of securities for sale in      
the United States.  The securities referred to herein have not been and will    
not be registered under the US Securities Act of 1933, as amended, and may      
not be offered or sold in the United States absent registration or an           
applicable exemption from registration requirements.  The company does not      
intend to offer the securities for sale in the United States.                   
  There shall not be any offer, solicitation or sale of these securities in     
any jurisdiction in which such offer, solicitation or sale would be unlawful    
prior to registration or qualification under the securities laws of such        
jurisdiction.  Neither this announcement nor any copy hereof may be taken or    
transmitted into the United States, Japan, France, Canada or Australia or       
distributed directly or indirectly into the United States, Japan, France,       
Canada or Australia.                                                            
Date: 25/06/2002 01:36:12 PM Produced by the SENS Department