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4-Traders Homepage  >  Equities  >  Johannesburg Stock Exchange  >  Standard Bank Group Ltd    SBKJ   ZAE000109815

STANDARD BANK GROUP LTD (SBKJ)
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Media Statement: STANBIC BANK BOTSWANA LIMITED AND THE NATIONAL PETROLEUM FUND

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12/18/2017 | 06:00am CET

1. There have been recent newspaper articles that allege amisappropriation of about P2 million by Stanbic Bank Botswana Limited (Stanbic) from the National Petroleum Fund (NPF).

2. The Board of Stanbic would like to placeon record, that the Bank has not misappropriated any funds of the (NPF).

3. 3. In the Parliamentary session of 14 December 2017,the Minister of Finance and Economic Development Mr Kenneth Matambo has confirmed that as far as he is aware Stanbic has neither violated any banking ethics/conduct nor misappropriated any monies held in deposit for the NPF.

4. In addition, there has been a recent article in the local media wherein the NPF management committee is stated to be comprised of Government representatives and the Managing Director of Stanbic.

5. While the NPF Order of 1986 did provide that the Managing Director of Stanbic must be a member of the NPF committee, this was repealed by a subsequent Order of Parliament (NPF Order of 1988), which removed this requirement.

6. There has been no participation in the management committee of the NPF by a Managing Director of Stanbic since 1988.

7. The Board recognises the strong service and contribution to Stanbic made by Leina Gabaraane in the past ten years and we wish him well in his new role in Zambia, a commendable promotion within the Standard Bank Group. The transfer of Leina Gabaraane outside of Botswana is in line with the Standard Bank Group policy of developing local and regional resources and giving all executives equal opportunities to grow within the greater Group.

8. We assure the public that as a Regulated Entity all our operations are guided by and compliant with the prevailing Banking regulations.

By order of the Board

© Copyright 2017, Sunday Standard, All Rights Reserved, source Newspapers

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Financials ( ZAR)
Sales 2017 106 B
EBIT 2017 43 344 M
Net income 2017 25 391 M
Debt 2017 -
Yield 2017 4,39%
P/E ratio 2017 12,66
P/E ratio 2018 11,87
Capi. / Sales 2017 3,09x
Capi. / Sales 2018 2,91x
Capitalization 328 B
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Standard Bank Group Ltd Technical Analysis Chart | SBKJ | ZAE000109815 | 4-Traders
Technical analysis trends STANDARD BANK GROUP LTD
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 12
Average target price 168  ZAR
Spread / Average Target -16%
EPS Revisions
Managers
NameTitle
Simpiwe Kenneth Tshabalala Chief Executive Officer & Executive Director
Thulani Sikhulu Gcabashe Chairman
Arno Daehnke Group Financial Director & Executive Director
Brenda Niehaus Group Chief Information Officer
Myles J. D. Ruck Independent Non-Executive Director