18 August 2005
Following completion of the acquisition of a majority stake in ABSA Group Ltd by Barclays Bank PLC (Barclays), it became necessary to terminate the Credit Card Collaborative venture between The Standard Bank of South Africa Limited (Standard Bank) and Barclays (acting through its division Barclaycard International), which commenced in August 2003. The early termination was concluded amicably and it was agreed that:
- Standard Bank will increase its participation in the net assets of the collaborative venture (approximately 375 000 credit cards and R1,55 billion outstanding balances) from 50% to 100%.
- The key individuals, including the previous Managing Director of Barclaycard International, Mr Barry Fergus, will remain in the employment of Standard Bank.
- Standard Bank will re-issue the existing Barclaycard customers with a Standard Bank branded card.
- Barclays will be precluded from using the Barclays or Barclaycard brands on any credit card products in South Africa until 18 February 2007.
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