Introduction by the chairman              
 Our vision and values                      
 Sustainability report overview              
 Group overview                               
 Group executive committee          
 Executive summary                           
 Stakeholder engagement               
 Economic contribution                    
 Corporate governance and ethics
 BEE and FSC                                   
 Shareholders                                
 Customers                                        
 Employees                                     
 Suppliers                                         
 Corporate social responsibility
 Environment                                    
 African footprint                                  
 International footprint                       

International operations overview
   
 

Standard Bank’s international activities are conducted through our International operating unit comprising a network of offices in major international financial centres and in key developing economies. In addition to our primary investment banking operations in the United Kingdom (UK), Hong Kong, Brazil, Russia and the United States of America (USA), and our main private banking operations in Jersey and the Isle of Man, at the end of 2004 we had representation in cities in Argentina, Australia, China, Czech Republic, Iran, Italy, Malaysia, Mauritius, Mexico, Peru, Romania, Singapore, Taiwan, Turkey and the United Arab Emirates. We had 1 376 employees as at 31 December 2004 (2003: 1 318).

Since its inception, International has focused on specialist areas in which we are able to differentiate ourselves from other banks by virtue of our market or product expertise. With our South African heritage, International has particular expertise in natural resources, emerging markets, trade finance and higher-yield debt products. Consequently, our businesses focus on arranging debt financing and currency, interest rate and commodity risk management services to customers in emerging markets.

Our International business believes in the importance of being represented by employees based in the markets it serves and that such local presence brings closer and more trusted relationships with clients, superior knowledge of the local commercial and regulatory environment, and a greater ability to originate deals at source.

Accordingly, International’s extensive network of regional offices is integral to our ability to originate and execute financial transactions for customers based in emerging markets. The resultant financial assets are then distributed to a global banking, corporate and private client base. By obtaining domestic banking licences, in particular in Brazil and Russia, our International business is able to participate in the relevant local currency and domestic trading markets.

International has purposely sought to manage its risk profile and exposures by diversifying its various sources of revenues and underlying assets in terms of product type and the geographic markets in which the business operates, as well as the breadth of its counterparty and customer base.

International’s risk management framework, as well as its risk policies, are designed to preserve our balance-sheet liquidity. International places significant emphasis on and employs a disciplined approach toward the distribution of assets in relation to the majority of its product areas. International’s balance sheet is focused primarily on short-term self-liquidating and/or tradable assets.