14160_0_1-27_SBSA AR 2014(SL)

296 Pages·2015·3.15 MB·English

Annual report 2014
The Standard Bank of South Africa
About Standard Bank Contents
Established in 1862, the
Standard Bank of South Africa
is one of South Africa’s oldest 1 Reporting suite 134 Statements of financial position
companies. Our original vision
was to understand our 2 About this report 135 Income statements
customers better, have people 136 Statements of other
with strong knowledge of local 4 Our business comprehensive income
business conditions and to 137 Statements of cash flows
connect borrowers with lenders. 4 How we create value
138 Statements of changes in equity
This vision created the platform 6 Key socioeconomic
for the kind of bank we have impact metrics 142 Accounting policy elections
become and the qualities on 143 Notes to the annual financial
which our customers and statements
clients rely. Over our history, 8 Our performance
233 Annexure A – detailed accounting
we have grown and extended 8 Chief executive’s review
policies
our roots deep into the fabric 12 Executive committee
of South African society. 250 Annexure B – subsidiaries,
14 Finance review consolidated and unconsolidated
We have evolved and adapted 24 Six-year review structured entities
along with our customers and 28 Human capital review 260 Annexure C – associates and
clients, growing a rich heritage
33 Environmental report joint ventures
while nurturing and protecting
our reputation. We uphold 38 R isk and capital management 264 Annexure D – equity-linked
high standards of corporate report transactions
governance, are committed 270 Annexure E – emoluments and
taon da dpvraanctciicnegs tohfe s pursitnacinipalbelse 106 Governance and transparency sphreasrecr iinbceedn otifvfeicse orsf directors and
development, and are 106 Corporate governance report
282 Annexure F – segmental
inspired to advance national 108 • Board of directors
statement of financial position
development objectives.
Our success and growth over
the long term is built on making 126 Annual financial statements Additional information
284
a difference in the communities 128 D irectors’ responsibility for
284 Credit ratings
in which we operate. financial reporting
285 Financial and other definitions
128 Group secretary’s certification
287 Acronyms and abbreviations
129 Report of the audit committee
292 Contact details
131 Directors’ report
133 Independent auditors’ report
2014 2013
Group headline earnings Rm 12 024 10 709
Return on equity (ROE) % 15.1 14.4
Tier I capital adequacy ratio % 12.3 12.8
Total assets Rb 1 131 1 016
UCount users: Approximately 553 000 300 000
ATMs 7 259 7 141
Access points 2 915 2 778
Reporting suite
The financial results and commentary describe the consolidated results of The Standard Bank of South
Africa group (the group or Standard Bank) unless otherwise indicated as relating to The Standard Bank of
South Africa Limited (the company or SBSA). SBSA is a wholly-owned subsidiary of Standard Bank Group
Limited (SBG) and is incorporated in South Africa.
Cross-referencing
The Standard Bank of South Africa annual report
(this report)
This report is the SBSA annual report and includes risk and capital management and financial information.
www.standardbank.com/reporting
In addition to this report, SBG produces a full suite of reporting publications tailored
to readers with specific information requirements.
SBG annual integrated report
As SBG’s primary report, the annual integrated report (AIR) aims to provide an integrated assessment of the AIR
SBG group’s ability to create value over time.
www.standardbank.com/reporting
SBG risk and capital management report SBG annual financial statements
Provides a detailed discussion of the management of Sets out the full audited financial statements for
RCM
strategic risks related to SBG’s banking and insurance SBG, including the report of the group audit AFS
operations, including capital and liquidity management committee (GAC).
and regulatory developments. www.standardbank.com/reporting
www.standardbank.com/reporting
Sustainability report
Presents a balanced and comprehensive analysis of the SBG and SBSA’s sustainability performance in relation SR
to issues material to the group and its stakeholders.
www.standardbank.com/sustainability
The above icons
refer readers to
For the latest financial information, refer to our Indicates that additional information is information
investor relations page at available online. elsewhere in this
www.standardbank.com/reporting report, or in other
or scan the QR code to be taken there directly. Denotes text in the risk and capital reports that form
management report that forms part part of the group’s
of the group’s audited annual suite of reporting
financial statements. publications.
We welcome the views of our stakeholders on the annual report
and the way we approach our strategic priorities. Please contact
us at [email protected] with your feedback.
Feedback
1
About this report
As a South African financial services group we have a fundamental role to play in the
development of the society in which we operate. The success of our customers and
stakeholders underpins our commercial sustainability and our ability to deliver returns
to our stakeholders over the long term.
The Standard Bank of South Africa
2
Annual report 2014
Serving our Growing our
customers people
1 2
Respecting Working in
each teams
other
8 3
Our
values
7 4
Constantly
Being
raising 6 5
proactive
the bar
Living the
Delivering to our
highest levels
shareholders
of integrity
3
Our business
How we create value
For more detail
14 18 38
refer to page:
Income Principal risks arising
Business activity statement impact from this activity
Lending enables our individual customers to create wealth by acquiring assets which either grow in value over time or
We lend money to our customers and clients within the Interest income k which support their ability to generate income. For our small- and medium-sized enterprise (SME) clients, lending
ctthhoeen spgtrrroaeiusncptrs,i b foerfod ma rv eawgilhuailbcahlteo wrcyea p edinteavrlii rvaoenn dimn wteenitrthesis.n tT iohnuicsro crmirseeka otaevpsep rae sttsiimteete sa. nfodr aicmhnadpr agcirremesdeint t Credit ris est rate risk uidity risk etgbchlnarieeosaeinbwr.t l restWo,hs l ae eton h iefdne m mtwdhp reetilv ooiair nypm bg pra uelenyssma ipgngpoeleloon swbyssmaoeiblrse kl,be nicne tolg sean tnnct arpddipb rieniautcgcatoitl n npiccgoore amnt ocisint tcj ri omcagbeirni otscti wgsrae atnaahtndit.nd iohFg ncoa sav,r o sescchu oim sarftplle oaaociwnnrha,ada tbw neelih esncim vclsiiheusro npisnntpus ml,ppy ellpeaonocnft erdagt ilotns oro gi tsd ahksssseu s aiipisrnntp d cpod osrirosmettjrsremve citsctehsesree sctd hicaa aoncltu dn sws tuttiehosn emtufa ienciitonraysrna pacaboennirl.ddait t ye atanxd
We source funding from deposits placed by customers and Inter Liq Cdeupstoosmit eprl adceepdo, swiths iechar mn iintitgearetsets aat graatiness td tehpee nedrionsgi oonn othfe c tayppieta ol fd suaev itnog sin oflra tiniovne.s tWmee npta rptricoidpuactet ainn de qthueit ys iazned o df ethbet
other funders to enable lending. This creates liabilities, which Interest expense capital markets to source funding, which contribute to the continued functioning of the broader financial
system. Our capital and liquidity management framework ensures that we are able to meet our funding requirements
ts generate future interest expenses. and payment obligations under both normal and stressed conditions, protect our depositors’ funds and reduce
n systemic risk in the domestic banking system.
e
m
mpair al risk
credit i Wkneo pwrloevdidgee -tbraansesadc steiornviacle bsa tnok oinugr cfuasctiolmitieerss aanndd clients. Ncreoevmte mnfeuieses aionnd d/or soci ckc Wlonieonenwv tfelsean dtciogei lenbit-teab ntateoesf e itttdh h fesreoem mrmv, ibocoeyvu sere, mnewaxhebpinlceinhtr g ioie nefnc llecmuecdot earno ncnedoiyc r,tp fr ooaerrcnamkatesb r loaeinfdc gvop iracsdyoum.rs ytWeo anment ed aarl snsloo daa nfnpad rsco tcivrlliuiidetcaintntutgesr itcnpoaga s ayhscme mcreevaniscnstea sstg ,hte aoeml ilnroe wnafttu oinsouednrrs avc iluic nrese tsaov. meOmneuaurrns e na enrd most
Income after Wofouerre ociglfinfee nert xsmc thaoar nksgueept ,p aoccorctme tsmhseo iadrn ibtdyu, srciinrseekds smit ,ri etinqigtueairrteeisomtn er napttreso, adinnucdcl utesdq itunoigt y Trading revenue e, environmental an putational risk cclcPoaloricoeplalvnielti tadceslti q,n wiueogeinn tacia eutabhssgl eteteoros nm m actenaihrer seiksn mea tvnte i adtrfon l usca eclgtilteirfou-nonastwteasi lr o wvtenhiiqcsteeh uai irnet mydlbe iuacvntsorvrkileonaesntetitiolsc itsar ic eecbhsscaa,,es npwesno,se esw, l iost h.ffivoifceerh rley cr xiirsamekmap mptaelciettsi,ig natagh tc rioooonnun gdephmur oilpitds ltuofiocyntmrgs s iew nonvhntei caeshntq dmeu nitethayneb te l etxia ncfxhti naobnaa Agsneefcr.si ia Wctloa ep . r Trpaooios tsehei tecioltpin o onu r
iWbnusest irenuaemrsnes ,nr ietnsvc.elunduineg f rsohomr t-o tahnedr l osnogu-rtceersm l iinnkseudra tnoc eo uorp ceorareti ons Credit risk Market risk e risk ncluding complianc Business and re awmBnyho de ni nnde tovivipeseeserrt sariintefiisngcog aiu tninri oc adences tt viahevnrlioodtpiu edingsighv e omrrtisashirkefk yret trtehsac ansonusn fcioenhrm ta.h siTee hAs eof.rsrideci anr.ia sSrkyus p caporoeur ritsnienh goe frte rnanodtr imning at lar abcdtuiisvniingtie easscs t piovrpoitevieirdase taison ngdsr ,ce asauntc ebhre ao msp poprrooerp tpeurrontnyit,o ipuernsivc taeotde
aanctdiv gitaieinss. on property, private equity and strategic investment Other revenue Insuranc nal risk, i ecrqeuaittey aanddd itsitorantael gviacl uinev.estment activities, we invest in non-core opportunities that support the economy and
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We invest in developing and retaining our people in order We are a significant employer of the country. Through our training and development programmes we enhance the
to execute our strategy and deliver to our customers and Staff costs level of financial services and related skills.
clients. As active consumers and taxpayers, our employees make a significant contribution to their local economies.
s
e
s
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p
x
E We invest in our operations, which includes information Our ongoing investment in our business ensures that we remain competitive and sustainable, and thus able to
continue to make a positive contribution to our country. Our substantial investments in transforming our core
technology (IT) systems and infrastructure, to improve Other operating banking platforms position us to serve our customers and clients more effectively and to innovate, strengthening our
efficiency and deliver excellent products and services costs competitive position. We are a significant procurer of goods and services in the markets in which we operate. In
to our customers and clients. South Africa, we focus on increasing our procurement spend with black suppliers. Our suppliers in turn create and sustain
employment and form part of the corporate tax base in the countries in which they operate.
Dividends to our shareholder as our primary Retained equity which is reinvested to sustain
Net profit
provider of capital and further grow our business
The Standard Bank of South Africa
4
Annual report 2014
Linking our profitability to socially beneficial outcomes
Lending enables our individual customers to create wealth by acquiring assets which either grow in value over time or Personal &
We lend money to our customers and clients within the Interest income k which support their ability to generate income. For our small- and medium-sized enterprise (SME) clients, lending
ctthhoeen spgtrrroaeiusncptrs,i b foerfod ma rv eawgilhuailbcahlteo wrcyea p edinteavrlii rvaoenn dimn wteenitrthesis.n tT iohnuicsro crmirseeka otaevpsep rae sttsiimteete sa. nfodr aicmhnadpr agcirremesdeint t Credit ris est rate risk uidity risk cetgbhlnarieeosaeinbwr.t l restWo,hs l ae eton h iefdne m mtwdhp reetilv ooiair nypm bg pra uelenyssma ipgngpoeleloon swbyssmaoeiblrse kl,be nicne tolg sean tnnct arpddipb rieniautcgcatoitl n npiccgoore amnt ocisint tcj ri omcagbeirni otscti wgsrae atnaahtndit.nd iohFg noca sav,r o sescchu oim sarftplle oaaociwnnrha,ada tbw neelih esncim vclsiiheusro npisnntpus ml,ppy ellpeaonocnft erdagt ilotns oro gi tsd ahksssseu s aiipisrnntp d cpod osrirosmettjrsremve citsctehsesree sctd hicaa aoncltu dn sws tuttiehosn emtufa ienciitonraysrna pacaboennirl.ddait t ye atanxd BB(proPuavidBnses Bikbnani)keninsgg asn d other
Woteh esro fuurncdee frsu ntod iennga bfrleo mle nddeipnogs.i tTsh pisl accreeda tbeys cliuabstiolitmieesr,s w ahnidc h Interest expense Inter Liq Cdcaeuppsitotoasmli tm epral ardkceeepdtos, stwioths ieschoar umnr iicnteitg efaruetnsetsd aiatn grgaa,ti newssh tdi ctehhp ece onendritonrsgiib oounnt eot hfte oc tatyphpieet a colo fd nsuateivn itnuoge sidn of flrau tinniovcnet.is otWmneien npgta roptrifco itdphuaecte tb airnno dea qdthueeirt yfs iiaznnead no dcf ietahble t fcmiunesadtnoiucmimael- rsssei zarenvdidc eessnm ttaeolr lp-in rtdiosie vsid.ual
system. Our capital and liquidity management framework ensures that we are able to meet our funding requirements
generate future interest expenses. and payment obligations under both normal and stressed conditions, protect our depositors’ funds and reduce
systemic risk in the domestic banking system.
k
al ris
ci We facilitate the movement of money, enabling customers and clients to access their funds in a manner most
Wkneo pwrloevdidgee -tbraansesadc steiornviacle bsa tnok oinugr cfuasctiolmitieerss aanndd clients. Ncreoevmte mnfeuieses aionnd d/or so ckclonieonnwvtelsen dtioge enb-teb ntaeosf eittdh fesroemmrv, ibcoeyu sre, newaxhbpilceinhrg iie nencllecuecdt earo ncndoic rtp frooarrcamktes r oaefdc vopirasdyom.r yWe anent d aal snlooda fnpa rscotivrliuidtcaitntuger icnpagas yhsme mrevanicnteassg ,te aoml lnoewnatt oisouenrr avciluc resetsov. meOneuurrs e a nd
an collection agencies via self-service electronic channels.
al
Wofouerre ociglfinfee nert xsmc thaoar nksgueept ,p aoccorctme tsmhseo iadrn ibtdyu, srciinrseekds smit ,ri etinqigtueairrteeisomtn er napttreso, adinnucdcl utesdq itunoigt y Trading revenue e, environment putational risk clcPoalricoepavnilti tadesli q,n wuegein taciaeutbhssl etetoros m m atenahrr seikn meatnte dtrfonl uca clgtiteirounonatwtasi l o wtenhiqsteh uai irnt mydb iuavnsorvkilenaestetitols itsari eecbssca,,es pweso,se sw, iot hffivoifceerh rley cr xiirsamekmap mptaelciettsi,ig natagh tc rioooonnun gdephmur oilpitdsl tuofiocyntmrgs s iew nonvhntei caeshntq dmeu nitethayneb te l etxia ncfxhti naobnaa Agsneefcr.si ia Wctloa ep . r Trpaooios tsehei tecioltpin o onu r CInovrepsotrmateen t&
iWbnusest irenuaemrsnes ,nr ietnsvc.elunduineg f rsohomr t-o tahnedr l osnogu-rtceersm l iinnkseudra tnoc eo uorp ceorareti ons Credit risk Market risk e risk ncluding complianc Business and re awmBnyho de ni nnde tovivipeseeserrt sariintefiisngcog aiu tninri oc adences tt viahevnrlioodtpiu edingsighv e omrrtisashirkefk yret trtehsac ansonusn fcioenhrm ta.h siTee hAs eof.rsrideci anr.ia sSrkyus p caporoeur ritsnienh goe frt ernanodtr imning at lar abcdtuiisvniingtie easscs t piovrpoitevieirdaset aison ngdsr ,ce asauntc ebhre ao msp poprrooerp tpeurrontnyit,o ipuernsivc taeotde Bpicpfnilranivoeraeaavnnssitdcttsnmaie aitsnlea kcinclnslotu,s ritbdlpaiaintornungrgtkaeig otigrne nocg saov s(neraeprdnCnro dvmr iacIeteenBsst ,st o,)
aanctdiv gitaieinss. on property, private equity and strategic investment Other revenue Insuranc nal risk, i ecrqeuaittey aanddd itsitorantael gviacl uinev.estment activities, we invest in non-core opportunities that support the economy and international counterparties.
o
ati
er
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O
Central
We invest in developing and retaining our people in order We are a significant employer of the country. Through our training and development programmes we enhance the and other
to execute our strategy and deliver to our customers and Staff costs level of financial services and related skills.
clients. As active consumers and taxpayers, our employees make a significant contribution to their local economies.
We invest in our operations, which includes information Our ongoing investment in our business ensures that we remain competitive and sustainable, and thus able to
continue to make a positive contribution to our country. Our substantial investments in transforming our core
technology (IT) systems and infrastructure, to improve Other operating banking platforms position us to serve our customers and clients more effectively and to innovate, strengthening our
efficiency and deliver excellent products and services costs competitive position. We are a significant procurer of goods and services in the markets in which we operate. In
to our customers and clients. South Africa, we focus on increasing our procurement spend with black suppliers. Our suppliers in turn create and sustain
employment and form part of the corporate tax base in the countries in which they operate.
5
Our business
Key socioeconomic impact metrics
South Africa
Our research indicates that the With 27 154 employees in Assuming that each Our activities could be seen
local financial and insurance SBSA, we directly and indirectly of these jobs supports to support around
sector has a formal employment sustain around
multiplier of approximately
3.2 86 893 4 347 572
jobs in the broader economy people individuals
(2013: 87 366 jobs in the broader economy supporting 349 466 individuals)
Black economic empowerment (BEE) Corporate social investment (CSI)
94.25 R69,6 million
BEE transformation score out of 107 spent on CSI initiatives in 2014
(2013: 94.52 out of 107) (2013: R57,6 million)
SBG’s dividend payouts amounted to approximately Our flagship programmes in South Africa
R164 million N ational Education Collaboration Trust
An action-based and outcomes-oriented programme that takes
a holistic approach to improving educational outcomes
(2013: R139 million) to Tutuwa Managers’ Trusts beneficiaries
and R50 million (2013: R43 million) to black SMEs participating
• Our investment in 2014: R5,0 million
in the Tutuwa Community Trust • Programme reach: around 2 million learners
Based on our BEE scorecard, we ranked third in the Empowerdex National Benchmarking Test
Top 100 Empowered Companies in 2014. Our prior-year ranking Assesses the academic readiness of first year university
was ninth. students and provides foundation courses and other forms
of academic support for students who are less well
prepared for tertiary education
Procurement/supply chain • Our investment in 2014: R5,7 million
• Programme reach: around 70 000 learners
R22,9 billion
High School Curriculum Delivery and
total procurement spend in South Africa Teacher Support Programme
Aims to increase the number of learners attaining
during 2014 (2013: R26,8 billion)
matriculation exemption and to upskill teachers to
effectively teach Grade R to Grade 7 learners
During 2014, we met our targets for preferential
procurement in South Africa, scoring 16 points out of a • Our investment in 2014: R1,8 million.
possible 16. As a level 2 BEE contributor we are classified • Programme reach: around 1 040 learners
as a value adding supplier and 42 teachers in Gauteng and Limpopo
In 2014, our addressable procurement spend, which refers to 209 students
supplier spend (which we are able to influence through
negotiation or other mechanisms) amounted to approximately were assisted with bursaries through our CSI initiatives.
R16,7 billion (2013: R17,2 billion) A total of 133 students were assisted through the 150 Bursaries
and Scholarships Fund and a further 20 through the Standard
Our weighted procurement spend with BEE suppliers Bank CSI Bursary Programme. The remainder are students from
amounted to R19,2 billion (2013: R16,1 billion). Some 77% of our prior commitment to the Adopt a School Programme which
our total procurement spend in South Africa is spent with our top we have continued to support despite exiting the Adopt a School
100 suppliers, 82% of whom have a level 4 BEE rating or better. Programme in 2013.
The Standard Bank of South Africa
6
Annual report 2014
Infrastructure financing Inclusive banking
R3,4 billion 6,7 million

weighted transformational infrastructure lending inclusive banking customers
(2013: R1,1 billion) (2013: 6,8 million)
W e are the sole lead arranger and underwriter for the Inclusive banking customers represent 69% of our personal
R650 million BUSAMed Private Hospital deal. This banking customer base (2013: 71%)
250-bed private hospital facility is situated in Gauteng and
is the second private hospital development in South Africa
74% active AccessBanking transactional accounts
financed by a commercial bank, both of which were
(2013: 69%)
structured and led by Standard Bank
65% of our AccessLoan customers hold an AccessAccount
We are a co-mandated lead arranger for the financing and
with us (2013: 73%)
development of the City of Tshwane’s new head office
complex procured as a public private partnership.
R18,4 million spent on consumer education
(2013: R20,2 million)
SMEs 31,7 million
R26 million people estimated to have been reached through the WalletWise
consumer education drive
enterprise development spend
(2013: R27 million), The value of stokvels held at December 2014 was R1,4 billion
0.22% of SBSA’s net profit after tax (2013: 0.26%) (2013: R1,3 billion).
>750 000 small, micro and start-up businesses banked
(2013: >722 000) Affordable housing
R8,6 billion in new advances to small, micro and start-up We hold a 34% share of the affordable housing
businesses (2013: R5,4 billion) mortgage lending market in South Africa
R14,3 billion total lending to small, micro and start-up R23,7 billion affordable housing home loan book value
businesses (2013: R14,5 billion) (2013: R17,9 billion)
R3,8 billion exposure to black SMEs (2013: R2,6 billion) R4,5 billion affordable home loan finance granted
(2013: R4,0 billion) of which around 80% was disbursed
682 SMEs received non-financial development support, of to first-time home buyers (2013: 81%)
which 99% were black-owned businesses
(2013: 277 SMEs, of which 94% were black) R184 million pension-backed loans financed
(2013: R370 million)
We received the 2014 South Africa Frost & Sullivan Award for
R1,3 million spent on providing borrower education
Customer Value Leadership. This was awarded for the value
to 2 937 first time home buyers.
we deliver to our SME customers by constantly innovating across
a variety of platforms
For more comprehensive detail
Standard Bank Centre for Agribusiness Leadership and
please see “Our contribution to
Development – we have invested R5,1 million in the centre, socioeconomic development” in the
which through academic training, research and leadership 2014 SBG sustainability report at
development support, focuses on transformation strategies in www.standardbank.com/sustainability
the agriculture sector within the Africa context.
7
Our performance
Chief executive's
Overview
review
The Standard Bank of South Africa delivered a robust performance
in 2014, as our operations maintained their positions in challenging
conditions and pursued opportunities to grow market share.
We maintained our reputation as a stable and trustworthy
organisation in the global banking and investment communities.
Revenues grew 11% as a result of our continued focus on
customers and clients in our franchise and as a result of a good
credit performance and well-contained operating expenses,
including the amortisation of IT development programmes
as these move into production. Headline earnings increased 12% to
R12,0 billion from R10,7 billion. SBSA improved ROE to 15.1%
(2013: 14.4%). As the largest subsidiary and earnings contributor
in SBG, the capital SBSA generates continues to underpin the
group’s investment in its future competitiveness.
SIM TSHABALALA
Labour disruption and infrastructure constraints, particularly in
Chief executive, The Standard Bank of South Africa electricity supply, weighed on South Africa’s economic growth,
and policy uncertainty continued to have a negative impact on
“We are building a company that we foreign investment. High wage demands and increasing overhead
believe will drive the growth of the costs impacted the performances of domestic businesses, while
interest rate increases and the higher costs of food and basic
South African economy, and will be the
services placed further strain on households. Unemployment
bank to beat in our chosen markets,
remained high at 24.5%.
whilst delivering superior returns to
Encouragingly, the country’s fiscal management remains sound,
shareholders.”
with the National Treasury resolute in its commitment to reduce the
budget deficit. There is also a clearer understanding in the private
sector that the resolution of these challenges cannot be the
responsibility of government alone, and that partnership is critical
if the country is to increase its growth rate.
Since the 2008 global financial crisis, the financial services industry
has faced constant regulatory change intended to ensure the
stability of our industry and protect consumers. We continue to
adapt our systems and processes accordingly and to prepare for
the adoption of additional regulations in the pipeline. We have
made significant progress in strengthening our tier 1 capital ratio
in compliance with the Basel III requirements and remain actively
involved in processes to facilitate our adoption or ongoing compliance
with other regulations, including the Treating Customers Fairly (TCF)
regime, the Financial Markets Act, the Protection of Personal
Information Act (PoPI) and the National Credit Amendment Act.
The digital revolution is profoundly affecting the way financial
services organisations operate. We continue to make significant
progress in the comprehensive overhaul of our core banking
systems, building a robust new architecture that will allow our group
to deliver its strategy as a fully digital financial services company.
The scale and reach of this programme is extensive and has
elevated the role of IT from a support function to a critical enabler
of our strategy. The programme involves major projects to replace
decades-old systems with new IT architecture capable of meeting
customer needs for more agility, higher levels of flexibility and
increased availability.
The Standard Bank of South Africa
8
Annual report 2014