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STANDARD BANK GROUP LIMITED - Standard Bank announces COVID-19 financial relief measures

Release Date: 23/03/2020 08:55
Code(s): SBK SBKP SBPP     PDF:  
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Standard Bank announces COVID-19 financial relief measures

Standard Bank Group Limited
Registration No. 1969/017128/06
Incorporated in the Republic of South Africa
JSE and A2X share code: SBK
ISIN: ZAE000109815
NSX share code: SNB
SBKP ZAE000038881 (First preference shares)
SBPP ZAE000056339 (Second preference shares)
 (“Standard Bank” or “the group”)

Standard Bank announces COVID-19 financial relief measures for its small enterprise and
student customers in South Africa

In light of the COVID-19 pandemic, and the disruption it is expected to cause, The Standard Bank of
South Africa Limited (“SBSA” or the “bank”) has announced interim debt repayment relief measures to
help its small enterprise and student customers in South Africa manage their financial commitments.
These actions have been proactively deployed, consistent with measures implemented by financial
institutions in a number of other countries, to provide some relief to our customer base in anticipation
of the economic and cash flow constraints that are expected to arise due to the COVID-19 outbreak.

Small enterprises

All SBSA small enterprise customers with turnover of less than R20 million, who have a business loan
with the bank and are in good standing with the bank at 31 March 2020, will automatically receive a
payment holiday from 1 April 2020 to 30 June 2020. Interest and fees will still accrue over the three
month period and will be capitalised to the loan. The terms of repayment will be automatically
extended to maintain the affordability of the facility once the payment holiday period expires.

This measure will not only assist our small business clients with managing their cash flows, but also
allow them to honour payments to their own employee base.

Students

All SBSA student customers still studying full time, who have a Standard Bank Student Loan and are
in good standing with the bank at 31 March 2020, will automatically receive a payment holiday from 1
April 2020 to 30 June 2020. Interest will be charged at 0% and fees will be zero for the three month
period. The terms of repayment will be automatically extended to maintain the affordability of the
facility once the payment holiday period expires.

As at 20 March 2020, SBSA’s qualifying, performing small enterprise portfolio equated to
approximately R12bn and student portfolio equated to approximately R1.5bn.

While the COVID-19 pandemic continues to unfold, it is difficult to estimate the likely negative impact
that it will have on Standard Bank’s financial performance. The group will continue to assess these
impacts and will provide appropriate disclosures when sufficient certainty exists.

The group remains well capitalised and liquid.

The information contained in this announcement has not been reviewed or reported on by the group’s
auditors.

Johannesburg
23 March 2020

Lead sponsor
The Standard Bank of South Africa Limited

Independent sponsor
JP Morgan Equities South Africa Proprietary Limited

Namibian sponsor
Simonis Storm Securities (Proprietary) Limited

Date: 23-03-2020 08:55:00
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