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STANDARD BANK GROUP LIMITED - Announcement Regarding Fraud Incident

Release Date: 23/05/2016 08:51
Code(s): SBK     PDF:  
Wrap Text
Announcement Regarding Fraud Incident

STANDARD BANK GROUP LIMITED
Incorporated in the Republic of South Africa
Registration number 1969/017128/06
JSE Share code: SBK
Namibian Share Code: SNB
ISIN: ZAE000109815
(“Standard Bank Group”)

ANNOUNCEMENT REGARDING FRAUD INCIDENT

The South African banking operations of Standard Bank Group have been
the victim of a sophisticated, coordinated fraud incident. This
involved the withdrawal of cash using a small number of fictitious
cards at various ATMs in Japan. The target of the fraud has been
Standard Bank and there has been no financial loss for customers.

Standard Bank has taken swift action to contain the matter and the
gross loss to the bank is estimated at R300m. This is prior to any
potential recoveries that may serve to reduce the loss.

The relevant authorities have been alerted.

Investigations are at a sensitive stage and further information will
be provided as appropriate.

23 May 2016

Lead sponsor
The Standard Bank of South Africa Limited

Independent sponsor
Deutsche Securities (SA) Proprietary Limited

Namibian sponsor
Simonis Storm Securities (Proprietary) Limited

Date: 23/05/2016 08:51:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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