Update announcement regarding Central Bank of Nigeria investigation into client remittances by Stanbic IBTC
Standard Bank Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1969/017128/06)
JSE share code: SBK
NSX share code: SNB
SBKP ZAE000038881 (First preference shares)
SBPP ZAE000056339 (Second preference shares)
JSE bond code: SBKI
(“Standard Bank Group” or “the Group”)
Update announcement regarding Central Bank of Nigeria (“CBN”) investigation into client
remittances by Stanbic IBTC Bank PLC relating to MTN Nigeria Communications Limited
As an update hereto, the Group advises that in respect of the penalty of NGN 1.886 billion
(approximately ZAR 75 million / USD 5.2 million) imposed by the CBN on our banking subsidiary
Stanbic IBTC Bank PLC (the “Bank”), in relation to the remittance of foreign exchange on the basis of
certain Certificates of Capital Importation issued to MTN Nigeria Communications Limited, the CBN
has debited the Bank’s account with the CBN for the amount of the aforementioned penalty.
This action by the CBN does not preclude the Bank from engaging with the CBN and the Group
hereby confirms that it remains the intention of the Bank to continue to do so.
The cautionary announcement of 30 August 2018 remains in place. Standard Bank Group will
continue to update its shareholders.
6 September 2018
The Standard Bank of South Africa Limited
Deutsche Securities (SA) Proprietary Limited
Simonis Storm Securities (Proprietary) Limited
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