To view the PDF file, sign up for a MySharenet subscription.

STANDARD BANK GROUP LIMITED - Update announcement regarding Central Bank of Nigeria investigation into client remittances by Stanbic IBTC

Release Date: 06/09/2018 16:43
Code(s): SBK SBT101 SBT102 SBT201     PDF:  
Wrap Text
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
ISIN: ZAE000109815
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.


Johannesburg
6 September 2018

Lead sponsor
The Standard Bank of South Africa Limited

Independent Sponsor
Deutsche Securities (SA) Proprietary Limited

Namibian sponsor
Simonis Storm Securities (Proprietary) Limited

Date: 06/09/2018 04:43:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Share This Story