Company Announcements

Standard Bank Group Limited

The Standard Bank of South Africa Limited

29 August 2023

Notification of change of auditors

The Boards and Audit Committees of Standard Bank Group Limited (the group) and The Standard Bank of South Africa Limited (SBSA) would like to inform their stakeholders that subject to shareholder approval, PricewaterhouseCoopers Incorporated (PwC) tenure as a joint auditor will conclude following the finalisation of the group's and SBSA's 2025 financial year. In line with global best practice, the group and SBSA have decided to proceed with the rotation of PwC before its 2026 financial year in accordance with the Independent Regulatory Board for Auditors' Mandatory Audit Firm Rotation (MAFR) ruling issued on 2 June 2017, notwithstanding the ruling on 31 May 2023 by the Supreme Court of Appeal setting aside MAFR.

Furthermore, the Boards and Audit committees of the group and SBSA would like to inform their stakeholders that following a comprehensive tender process, the group and SBSA intend to appoint Deloitte & Touche (Deloitte) as one of the joint auditors for the financial year ending 31 December 2026.

The appointment of Deloitte and the designated audit partner is subject to approval by the South African Prudential Authority in accordance with section 61 of the Banks Act No. 94 of 1990 as amended.

The appointment of Deloitte as a joint auditor for the 2026 financial year will be recommended to the ordinary shareholders for approval at the relevant annual general meeting.

For further information, please contact: 

Marc Hearn 

Standard Bank Group Limited 
9th Floor 
5 Simmonds Street, Johannesburg PO Box 2001 
South Africa 
Telephone number: +27 11 344 5004

DISCLAIMER

This Announcement is not intended to, and shall not, constitute or contain an offer to sell or solicitation of an offer to purchase the securities referred to herein by any person in any jurisdiction where it is unlawful to make an offer or solicitation. The distribution of the Announcement and the offer or sale of the securities referred to herein in certain jurisdictions is restricted by law. This Announcement may not be used for or in connection with, and does not constitute, any offer to, or solicitation by, anyone in any jurisdiction or under any circumstance in which such offer or solicitation is not authorised or is unlawful. 

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