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Friday, March 17, 2006 - Web posted at 8:03:57 GMT Standard Bank seeks foreign partner for Andisa JOHANNESBURG - South Africa's biggest bank, Standard Bank , is looking for a foreign partner to take a stake in its Andisa Securities investment and brokerage unit, a spokesman said yesterday. |
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Standard Bank spokesman Erik Larsen said the bank may sell a stake in Andisa to a foreign partner to enhance its international exposure. "We are exploring possibilities, including linking up with a foreign partner. There are numerous benefits of having a foreign partner, it will give us access to international equity research as well as access to an international distribution network," Larsen said. Standard Bank, Africa's biggest bank by assets, regained full control of Andisa in January after buying back stakes it spun off in a black empowerment deal in 2003. Larsen declined to give further details or to say if Standard Bank was in talks with foreign investment banks. Andisa was spun off from Standard Bank in April 2003 in a black economic empowerment transaction in line with financial services industry efforts to increase black ownership of the sector. Standard Bank increased its stake after former Andisa Chief Executive Ronnie Ntuli, a major shareholder in the business, said he wanted to establish an independent investment business. The South African bank operates in 16 African countries and in emerging markets in Asia and Latin America. - Nampa-Reuters |
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