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Financial services 24 Nov 2023

Standard Bank Forex Statement

Standard Bank has noted with serious concern false and inaccurate comments in some media, including social media related to the Competition Commission investigation into currency manipulation.

These comments incorrectly link various unrelated and unfounded allegations with the Competition Commission inquiry currently under adjudication before the Competition Appeal Court, in South Africa.

We take this opportunity to re-iterate Standard Bank’s position.

Standard Bank has not manipulated the value of the Rand.

Standard Bank has not engaged in any anti-competitive or criminal conduct.

All such claims are false.

Standard Bank will continue to use every avenue provided to it in law to defend itself against these false allegations.

Standard Bank is committed to behaving with complete integrity at all times. We are equally committed to making a positive contribution to the societies in which we work.

Standard Bank’s long-run performance depends on the success of the economy and on the economic wellbeing of our clients.

Standard Bank is wholly committed to the rule of law, respects the important role of institutions, and upholds South Africa’s Constitutional democracy, and our Constitutional obligation to ensure that our country ‘improves the quality of life of all citizens.

Standard Bank is a leading advocate of the investment case for South Africa. We have consistently stood with the government, organised labour, organised business and civil society in promoting inclusive growth and sustainable development in South Africa.

Assertions that Standard Bank is not supportive of the interests of our customers, of South Africa’s economy and society and of the Constitution of South Africa are not consistent with how Standard Bank conducts itself.