Standard Bank Group today issued an announcement advising shareholders that it is in discussions relating to the potential disposal of a controlling stake in its global markets business outside Africa. The principal legal entity that would form part of a transaction is Standard Bank Plc, the group's London operation.
Should such a transaction be concluded, Standard Bank Group will retain a minority shareholding interest, sufficient to maintain the continuity of access to this business for the group's African network and clients.
Standard Bank Group stressed that the announcement, made under the requirements of the JSE, the South African stock exchange, was intended to advise shareholders to trade in the shares of the company with caution. It did not represent the announcement of a concluded transaction, nor did it ascribe any probability that such a transaction would be concluded.
Should these negotiations be successful, Standard Bank will then formally announce the terms of a finally agreed transaction and commence the process of securing the necessary approvals.
Standard Bank Group stressed that at this time it was unable to identify the party with whom it was negotiating as it needs to respect the other party's own regulatory and governance obligations.
The envisaged transaction does not involve Standard Bank's existing Investment Banking, Transactional Banking and Corporate Banking operations outside Africa.
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