African Bank Update - communication for Advisors

Recently, there have been a number of positive developments towards the resolution of African Bank, which has been in curatorship for a year.

The South African Reserve Bank has now approved the establishment of a "good bank" made up of selected assets and liabilities of the original African Bank. The next step is for the "good bank" to be registered as a bank under the Banks Act, after which it will be able to operate.

Last week, the South African Reserve Bank also granted the "good bank" a licence as a Financial Services Provider. This is another important step in resolving the African Bank matter. The "good bank" is now waiting for approval for a Credit Provider Licence from the National Credit Regulator.

These developments indicate that the restructuring of the old bank into the new "good bank" is on track, as originally planned by the South African Reserve Bank. The next steps are confirmation of final terms and conditions of the instruments held in the retention funds. Based on this, we will update you about when investments held in retention funds will be available to your clients. As soon as we know more about this, we will let you know.

We assure you that we remain committed to your client's investment with STANLIB. Thank you for your continued support.


Bongani Mageba
Managing Director: STANLIB Retail