Standard Equities becomes SCMB Securities

Standard Equities, Standard Bank's stock and share broking subsidiary, has changed its name to SCMB Securities to identify itself more closely with Standard Corporate and Merchant Bank.

At the same time, SCMB Securities has made several new senior appointments and moved its institutional desk from Cape Town to Johannesburg to enhance customer service.

Says Bruce Hemphill, Director Investment Banking and SCMB Securities: "There was a fair amount of confusion among institutions and clients as to how we fitted into the Standard Bank Group. Some saw us as part of Retail Bank while others linked us to SCMB. This diluted our impact as a business and also affected our rating in the market.

"By changing our name to SCMB Securities we want to send a clear message to the market that we are an integral part of SCMB."

He stressed that although the business had a new name, its focus would not change. "The Chinese walls that exist between parts of SCMB and ourselves will remain firmly in place and we will in no way compromise our integrity or our independence."

SCMB Securities has appointed new heads of research and strategy. Mike Wuth, formerly of ABN Amro and Rice Rinaldi Securities, will head research, while David Galloway, previously of Investec, has been appointed head of strategy.

The relocation of the institutional desk from Cape Town to Johannesburg is aimed at "creating the necessary synergies between our research facility and our trading desk," says Hemphill.

SCMB Securities has also formed an alliance with a top international bank to service international trade and provide the necessary global research component. Its London and New York operations have been rationalised and refocused and service delivery significantly improved.

"Last year we went through a major cost-cutting exercise which has seen us reduce costs by 50 percent. We are now a profitable business and I am confident that we are on track to make a significant contribution to SCMB's bottom line," says Hemphill.

For further information contact: Bruce Hemphill (011) 636 3037