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11 November 2002
Standard Bank and Macquarie Bank joint venture terminated
The equity derivatives joint venture between Standard Corporate and Merchant Bank (SCMB) and Macquarie Bank Limited, the Australian investment bank, will terminate in terms of the joint venture agreement.
Due to the complexities of the trading businesses, both parties have agreed that Macquarie Bank will exit the business on 11 November 2002, although the joint venture will continue to the end of February 2003, the original termination date.
Wayne Laskey, head of SCMB Equity Derivatives, says the joint venture has been a success for both parties, and saw the roll of out of various new products, including warrants and derivative products such as the Yield Enhanced Security (YES) product.
The joint venture commenced in 1998 with the purpose of establishing SCMB as a leader in the equity derivatives market in South Africa. Laskey believes this objective has been met. SCMB will continue to develop new equity products and plans to explore opportunities both locally and in other international markets where the bank has a presence.
For more information contact Wayne Laskey on +27 11 636 7109
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