Dubai, Feb 14, 2006 (WAM) - South Africa's leading financialinstitution, Standard Bank Plc, the international investmentbanking subsidiary of the Standard Bank Group, has been grantedlicense by Dubai's Financial Services Authority to operate asan authorized firm within the DIFC. This will be the first fulloverseas branch of the Standard Bank Plc.

Standard Bank believes that this development will both re-enforceits existing franchise in the Middle East, which began with thesetting up of a Representative Office in April 1997, as wellas provide the base to further tap into the growing businessopportunities in a region that is currently experiencing thehighest growth rates since the 1980s, according to a pressrelease.

Dr Omar Bin Sulaiman, Director General of DIFC Authority, welcomingStandard Bank, commented: "It is our pleasure to welcome StandardBank to the DIFC as our partner in growth. The Middle East isone of the key areas of growth in the coming years. With a combinedGDP of US $ 1.8 trillion covering nearly 2 billion people, theregion offers vast potential.

The DIFC is the ideal platform for international banks to accessthis burgeoning market. " Standard Bank hopes to consolidateits pre-eminent position in the regional gold markets, builton its recent success in the field of Islamic Finance. This washighlighted by the ground-breaking $200 million Gold Sukuk DMCClaunched in May 2005, and Standard Bank aims to grow its businessin global markets, trade finance, private banking and asset management.