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STANDARD BANK GROUP LIMITED - Withdrawal of cautionary announcement

Release Date: 25/09/2018 08:10
Code(s): SBK     PDF:  
Wrap Text
Withdrawal of cautionary announcement

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
(“Standard Bank Group” or “the Group”)

WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT

Shareholders of Standard Bank Group (“Shareholders”) are referred to the cautionary announcement
dated 30 August 2018, and the subsequent update announcement dated 6 September 2018, in terms
of which Shareholders were advised that the Central Bank of Nigeria (“CBN”) had imposed a penalty
on Stanbic IBTC Bank PLC (“Stanbic IBTC Bank” or “the Bank”) relating to the remittance of foreign
exchange on behalf of MTN Nigeria Communications Limited (“MTN Nigeria”) and requested that the
funds remitted by the Bank on behalf of MTN Nigeria be refunded to the CBN.

Shareholders are hereby notified that the CBN has written to advise the Bank that it will examine new
submissions and documentations made by the Bank, and where justified, it will review its earlier
decision on the penalty it imposed on the Bank. The Bank had communicated that it believed that it
had acted properly in an agency capacity.

Furthermore, the CBN has confirmed that the Bank will not be debited for USD2.632 billion which the
CBN had previously suggested that the Bank should also be prepared to refund.

The Bank will continue its engagements with the CBN.

As the financial impact of the penalties levied by the CBN on the Bank has been published and
sufficient clarity has now been provided by the CBN regarding the Bank’s relationship to the refund
sought by the CBN, caution is no longer required to be exercised by Shareholders when dealing in their
Standard Bank Group securities.

Johannesburg
25 September 2018

Lead sponsor
The Standard Bank of South Africa Limited

Independent Sponsor
Deutsche Securities (SA) Proprietary Limited

Namibian sponsor
Simonis Storm Johannesburg

Date: 25/09/2018 08:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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