Standard Bank Group - ACQUISITION ANNOUNCEMENT

Standard Bank Group - ACQUISITION ANNOUNCEMENT                                  
Standard Bank Group Limited                                                     
(Incorporated in the Republic of South Africa)                                  
(Registration number 1969/017128/06)                                            
Share code: SBK                                                                 
Namibian share code: SNB                                                        
ISIN: ZAE000038873                                                              
("Standard Bank Group")                                                         
ACQUISITION ANNOUNCEMENT                                                        
Standard Corporate and Merchant Bank is authorized to announce that Standard    
Bank Group, through its wholly-owned subsidiary Stanbic Africa Holdings Limited,
has agreed to acquire an additional 19,239,458 Banco Standard Totta de          
Mocambique SARL ("BSTM") shares, representing a 55.29% shareholding in BSTM     
("the transaction") from Banco Totta & Acores SA, a company incorporated in     
Portugal, for a consideration of USD21.5 million (ZAR148 million at the current 
exchange rate). Subsequent to the transaction, Standard Bank Group will have an 
effective 95.98% shareholding in BSTM.                                          
Financial information relating to BSTM is shown in the table below              
                              USD `000              Metical `000                
Year ended 31 December       2001       2002       2001         2002            
Income after taxation        9,560      9,331      196,540,286  218,133,534     
Net asset value              26,411     27,937     615,635,837  659,749,557     
The transaction is subject to Standard Bank Group board approval and to the     
necessary regulatory approvals from the relevant authorities in Mozambique,     
Portugal and South Africa.                                                      
Johannesburg                                                                    
7 October 2003                                                                  
Merchant Bank and Sponsor                                                       
Standard Corporate and Merchant Bank                                            
(A division of The Standard Bank of South Africa Limited)                       
(Registration number 1962/000738/06)                                            
Date: 08/10/2003 07:28:05 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department