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A slight delay

14 December 2005 Angelo Coppola

As the fifth largest bank in Nigeria, and the deal is centred on Oceanic Bank potentially acquiring Stanbic Bank Nigeria and Standard Bank acquiring a significant strategic minority shareholding in Oceanic Bank.

It was originally anticipated that a transaction could be implemented by 31 December 2005. However, it has not been possible to conclude discussions and meet all the necessary transaction and regulatory requirements by this date.

As a consequence and in order to comply with the Central Bank of Nigeria’s minimum capital requirements of N25 billion ($189 million), Standard Bank will capitalise Stanbic Bank Nigeria with an additional $180 million.

Following the capitalisation of Stanbic Bank Nigeria, Greg Brackenridge, currently Managing Director of Stanbic Africa, will assume direct responsibility for the group’s West African operations and will relocate to Lagos, Nigeria.

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