Standard Bank Group - Future of the Standard Bank/African Bank joint venture

Standard Bank Group - Future of the Standard Bank/African Bank joint venture    
                      partnership                                               
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: ZAE000057378                                                              
("Standard Bank Group")                                                         
FUTURE OF THE STANDARD BANK/AFRICAN BANK JOINT VENTURE PARTNERSHIP              
The Standard Bank of South Africa Limited ("Standard Bank"), a major subsidiary 
of Standard Bank Group today announced its decision to give African Bank        
Investments Limited 12 months notice on their joint venture in respect of low   
income lending ("joint venture").                                               
The joint venture, originally established in late 2000 was developed in order to
leverage the respective expertise of the two parties, both of whom had a        
significant franchise in the mass market. The joint venture which was originally
intended to run for a minimum of four years, has to date disbursed in excess of 
582 000 loans with a value of R2,1 billion over the five and half years in      
operation.                                                                      
Whilst the joint venture has performed well over the period, Standard Bank has  
decided to terminate the joint venture in order to drive its strategy in the    
mass market independently.                                                      
In terms of the agreement a 12 month notice period commences on 31 May 2006.    
During the 12 month notice period it will be business as usual for the parties  
and the joint venture will continue to grow its customer base and originate     
quality business. Following the notice period no new loans will be originated   
and the book will run down over the next 36 months with the joint venture       
partners sharing costs and revenues in the existing ratios.                     
The termination of the joint venture is not expected to have a material impact  
on the financial projections and financial results of Standard Bank.            
Johannesburg                                                                    
29 May 2006                                                                     
Sponsor                                                                         
Standard Bank                                                                   
Date: 30/05/2006 08:54:12 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department