This acquisition is subject to the approvals of the relevant regulatory authorities in Botswana and South Africa.

Stanbic Bank Botswana Limited is acquiring the Gaborone-based Investec Bank (Botswana) Limited as a going concern. It intends over time to merge the business with its existing Botswana operations.

Says Sim Tshabalala, Managing Director Stanbic Africa: "This acquisition is a clear demonstration of the Standard Bank Group's commitment to Botswana. We run a significant wholesale banking business in Botswana with a small retail presence. However, we see further retail opportunities in that market even though that space is fiercely competitive.

"This transaction gives us the opportunity to broaden our retail base in Botswana in a market segment that we find attractive. Having done the transaction we will be a step closer to having a well-rounded base in Botswana, which includes retail and wholesale banking. The transaction also gives us the opportunity to broaden our involvement with all stakeholders in that market."

Stanbic Bank Botswana Limited has been operating in Botswana since 1991. It has four branches in Gaborone and two in Francistown. Another branch will be soon be opening in Maun.

Investec Bank (Botswana) Limited entered Botswana in 1995 and started initiating loans in 2001. They have a loan book of 239 million Pula as at August 2003. The customers on this book are high net worth clients. This acquisition will provide Investec Botswana customers with access to the Stanbic Bank Botswana Limited's affluent banking suite, which will provide  personalised banking services to high net worth customers.

"We are a broad-based bank providing services to a wide spectrum of clients throughout Africa. We will over time also be focusing more on all important retail market segments in select African countries. We are very excited about this acquisition as we believe that we will be able to offer our Botswana clients added value through our wide range of products and  services," says Tshabalala.

Stanbic Africa operates in 16 countries outside South Africa.