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Johannesburg - Standard Bank Group [JSE:SBK] has refuted an allegation by international human rights group Partnership Africa Canada that it or its affiliates own shares in Zimbabwean banks that have ties to the Marange diamond field.
"This statement is unfounded and based on a misunderstanding of the fiduciary relationship between Stanbic Nominees and its clients," the country's largest banking group in terms of assets said in a statement on Tuesday evening.
"The report linking Stanbic Bank specifically to Commercial Bank of Zimbabwe is based on the assumption that Stanbic has a beneficial shareholding in this bank through Stanbic Nominees.
"In fact, as is normal practice in many jurisdictions, Stanbic Bank Zimbabwe has provided nominee services to its clients, who themselves beneficially hold shares and exercise their rights at their own discretion. Stanbic Bank merely acts on the instruction of these shareholders.
"Standard Bank does not beneficially own shares in the institutions named," the group stated.
"This statement is unfounded and based on a misunderstanding of the fiduciary relationship between Stanbic Nominees and its clients," the country's largest banking group in terms of assets said in a statement on Tuesday evening.
"The report linking Stanbic Bank specifically to Commercial Bank of Zimbabwe is based on the assumption that Stanbic has a beneficial shareholding in this bank through Stanbic Nominees.
"In fact, as is normal practice in many jurisdictions, Stanbic Bank Zimbabwe has provided nominee services to its clients, who themselves beneficially hold shares and exercise their rights at their own discretion. Stanbic Bank merely acts on the instruction of these shareholders.
"Standard Bank does not beneficially own shares in the institutions named," the group stated.
