Slide 1: Analyst Presentation
INVESTE@ Analyst Presentation 2000
Slide 2: Summary of Results
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Slide 3: Investec Group 2000 Results in a Snapshot
Investec Group… 2000 Results in a Snapshot 31 March 31 March % Rands 2000 1999 Change Headline Attributable Earnings (R’m) 1 047 787 33.0 Diluted Headline EPS (cents) 1 300.6 989.1 31.5 DPS (cents) 620 475 30.5 Return on Equity (%) 24.2 18.7 Cost to Income Ratio (%) 59.9 60.6 Assets Under Administra
Slide 4: Investec Group 2000 Results in a Snapshot (Dollars)
Investec Group… 2000 Results in a Snapshot 31 March 31 March % Dollars 2000 1999 Change Headline Attributable Earnings ($’m) 160 127 26.0 Diluted Headline EPS (cents) 198.4 159.7 24.2 DPS (cents) 95 77 23.4 Return on Equity (%) 23.5 16.7 Cost to Income Ratio (%) 59.9 60.6 Assets Under Administration
Slide 5: Inhold 2000 Results in a Snapshot
Inhold… 2000 Results in a Snapshot 31 March 31 March % 2000 1999 Change Headline Attributable Earnings (R’m) 466 345 35.1 Diluted Headline EPS (cents) 1 143.2 848.9 34.7 DPS (cents) 560 425 31.8
Slide 6: Headline Earnings, Dividends, ROE
Headline Earnings, Dividends, ROE DPS Diluted EPS ROE 1400 30% 10 Year CAGR: 1200 Diluted EPS: 31.0 % 25% DPS: 31.5 % 1000 20% 800 15% 600 10% 400 200 5% 0 0% 1992 1994 1996 1998 2000
Slide 7: Changes in Accounting Policy
Changes in Accounting Policy Three policy changes effective this year • AC 112 - Interest Rate Differential (IRD) • AC 104 - Diluted Headline EPS • AC 110 - Associate Accounting
Slide 8: Changes in Accounting Policy
Changes in Accounting Policy Impact of AC 104 and AC 112 31 March 31 March % 2000 1999 Change Diluted EPS: As previously reported 1 435.2 1 089.9 31.7 Incorporating the impact of 1 422.4 1 077.5 32.0 AC 104 Incorporating the impact of 1 300.6 989.1 31.5 IRD (AC 112)
Slide 9: Changes in Accounting Policy
Changes in Accounting Policy Impact of AC 104 and AC 112 31 March 31 March 2000 1999 Cost to Income Ratio Including IRD 58.7 59.3 As reported 59.9 60.6
Slide 10: Impact of Changes in SA Tax Legislation
Impact of Changes in SA Tax Legislation Negligible impact envisaged • Major offshore jurisdictions in which the Group operates impose tax rates in excess of 27% • To the extent dividends are derived from low tax jurisdictions, they will be taxable, but amounts should not be material
Slide 11: Global Positioning and Review
Global Positioning and Review
Slide 12: Globalisation
Globalisation “In today’s markets, you don’t have to go abroad to experience international competition. Sooner or later the world comes to you” - Harvard Business Review, March - April 2000
Slide 13: "The Norm"
“The Norm” As far back as the early 1990s Investec recognised this pending threat and defied the norm by embarking on an international expansion programme
Slide 14: Globalisation
Globalisation “Contrary to popular wisdom, companies from the fringes of the world economy can compete against established global giants from Europe, Japan and the United States. What they need is organisational confidence, a clear strategy, a passion for learning, and the leadership to bring these
Slide 15: Globalisation
Globalisation Over the past eight years Investec has established a presence in 11 non-South African jurisdictions employing over 2 200 people in these areas… …This has resulted in currently over 67% of the Group’s operational capital and 75% of its assets residing offshore, generating in excess of 6
Slide 16: The Result...
The Result... In light of these developments Investec was recently ranked as the 4th most global bank by ‘The Banker’ (February 2000)
Slide 17: Internationalisation Strategy
Internationalisation Strategy United Irelan Kingdom d Chann el Island USA s Israel Switzerland Botswa Hong na Kong Mauritiu Australi South s a Africa
Slide 18: United Kingdom
United Kingdom • First full year of integrated UK Group both physically and managerially • Strengthened management • Visibility and profile significantly enhanced
Slide 19: United Kingdom
United Kingdom • Acquired part of the banking business of Kleinwort Benson Private Bank – Critical mass enhancing acquisition – Successfully novated 10 000 clients - over 90% of the client base – Received HICA deposits of £254mn – Loan portfolio of £133mn
Slide 20: Ireland
Ireland • Acquired 100% of the equity of Gandon Capital Group – A platform acquisition providing a foothold into Ireland – Operating as a branch of the UK Group – Intention is to build a full service operation in all core areas of activity, closely aligned with the UK operations
Slide 21: Europe…Future Strategy
Europe…Future Strategy • The UK remains integral to the broader Group’s internationalisation strategy • Selective acquisitions to enhance critical mass in domestic businesses as well as in offshore jurisdictions • Focus on cross-selling and developing cross border linkages
Slide 22: United Kingdom & Europe… Salient Financial Features
United Kingdom & Europe… Salient Financial Features 31 March % of Total 2000 Assets (R’bn) 100.6 60.8 Funds Under Administration (R’bn) 303.0 63.6 Operational Income Before Tax (R’mn) 740.0 41.9 Operational Income After Tax (R’mn) 587.1 44.9 Staff 1 319 30.0 Operational Capital (% of Total) 50.4 ROE
Slide 23: USA
USA • Very strong performance driven off equity market buoyancy • Acquisition of the retail broking division of the Royce Investment Group – Bringing total number of clients to 25 000 and registered brokers to 270 • Seek acquisitions and recruitment in Investment Banking and Private Banking Activiti
Slide 24: USA… Salient Financial Features
USA…Salient Financial Features 31 March % of Total 2000 Assets (R’bn) 12.1 7.3 Funds Under Administration (R’bn) 26.6 5.6 Operational Income Before Tax (R’mn) 245.5 13.9 Operational Income After Tax (R’mn) 128.7 9.8 Staff 661 15.0 Operational Capital (% of Total) 9.2 ROE 23.3%
Slide 25: Israel
Israel • Repositioned the Bank - renamed Investec Clali • Significantly improved performance • Strong e-commerce initiatives • Will focus on building an Investment Banking capability with strong links between London and New York
Slide 26: Israel …Salient Financial Features
Israel…Salient Financial Features 31 March % of Total 2000 Assets (R’bn) 9.5 5.8 Funds Under Administration (R’bn) 12.2 2.6 Operational Income Before Tax (R’mn) 88.3 5.0 Operational Income After Tax (R’mn) 57.2 4.4 Staff 221 5.0 Operational Capital (% of Total) 7.6 ROE 11.3%
Slide 27: South Africa
South Africa • Retain current focus while continuing to build our positioning in the market place – Build organically in a focused basis – Dominate wherever possible by rising up the league tables across the spectrum of businesses • Remain opportunistic taking advantage of a changing environment
Slide 28: Other
Other • Includes Australia, Hong Kong and other jurisdictions – In Australia the objective is to be a highly focused, strong and robust private client business, providing private banking and investment banking services to HNW individuals – Hong Kong part of fund management group but will look to exp
Slide 29: Southern Africa & Other … Salient Financial Features
Southern Africa & Other… Salient Financial Features 31 March % of Total 2000 Assets (R’bn) 43.1 26.1 Funds Under Administration (R’bn) 134.5 28.2 Operational Income Before Tax (R’mn) 691.3 39.2 Operational Income After Tax (R’mn) 534.7 40.9 Staff 2 136 48.0 Operational Capital (% of Total) 32.8 ROE
Slide 30: Core Areas of Focus
Core Areas of Focus • In line with trends in our industry we have re- arranged our core areas of focus along the following lines: – Investment Banking and Principal Transactions – Corporate Banking and Interest Rate Activities – Asset Management – Private Client Group
Slide 31: Contribution Analysis
Contribution Analysis 5% 14 % 32 % Investment Banking & Principal Transactions 18 % Corporate Banking & Interest Rate Activities Private Client Group 31 % Asset Management Other Activities
Slide 32: Investment Banking & Principal Transactions
Investment Banking & Principal Transactions • Includes: Corporate Finance, Principal Transactions, Institutional Broking and Research 31 March 2000 Net Operating Income (R’mn) 978 Operating Expenses (R’mn) 452 Net Operating Profit before Tax (R’mn) 526 Cost to Income Ratio (%) 47%
Slide 33: Corporate Finance
Corporate Finance Scope of Activity United Kingdom USA Small to mid-size In process of setting up a capability South Israel Africa In process of Middle to developing upper-end capability
Slide 34: Corporate Finance ... South Africa
Corporate Finance... South Africa • Increased co-operation between corporate finance teams in South Africa and the UK – enhancing cross border capability • Focus was on quality, innovative transactions that created and added value for clients
Slide 35: Corporate Finance... South Africa
Corporate Finance... South Africa • Ranked first and second in terms of the aggregate number and value respectively of all transactions facilitated by Merchant Banks and Corporate Advisers in the1999 Ernst and Young Review of M&A Activity – Number: 68 – Value: R28bn
Slide 36: Investec Henderson Crosthwaite
Investec Henderson Crosthwaite • Leading corporate broker to 14 out of the top 50 performing small cap companies listed on the FTSE • Look to add M&A and market making capability
Slide 37: Investec Henderson Crosthwaite
Investec Henderson Crosthwaite “Very few sponsors have a first class track record. Investec Henderson Crosthwaite has delivered big winners in technology, consistently, so its name on a prospectus really means something. It must now be attracting plenty of good flotation candidates and can afford to
Slide 38: Institutional Broking and Research
Institutional Broking and Research United Scope of Activity Kingdom Focus on USA specialist areas Not research driven at this stage South Israel Africa Full Service Started coverage, developing into full service
Slide 39: Institutional Broking and Research
Institutional Broking and Research • Greater degree of integration with Corporate Finance, Investec Securities and Investec Henderson Crosthwaite • Added to South African research coverage and established a distribution capability in the United States
Slide 40: Institutional Broking and Research
Institutional Broking and Research • Investec Henderson Crosthwaite has developed a strong reputation in TIME sectors • Investec Henderson Crosthwaite rated in the top 10 in 7 sectors (12 sectors covered), positioned 19th overall (Primark Extel Survey on Pan European Research, July 1999 )
Slide 41: Institutional Broking in the USA
Institutional Broking in the USA • Recently ranked 15 in the Thomson Financial Survey of the Top 25 brokers of NASDAQ small cap market companies • Currently the third largest firm on the CBOE in terms of execution
Slide 42: Corporate Banking and Interest Rate Activities
Corporate Banking and Interest Rate Activities United Scope of Activity Kingdom Irelan USA d Financial Undeveloped institutions and select corporates South Israel Africa Upper end - Upper end - large corporates, large corporates, financial institutions parastatals & & parastatals financial instituti
Slide 43: Corporate Banking and Interest Rate Activities
Corporate Banking and Interest Rate Activities • Includes: Specialised Finance, Treasury and Financial Markets 31 March 2000 Net Operating Income (R’mn) 887 Operating Expenses (R’mn) 378 Net Operating Profit before Tax (R’mn) 509 Cost to Income Ratio (%) 37%
Slide 44: Corporate Banking and Interest Rate Activities
Corporate Banking and Interest Rate Activities • Growing importance of cross-border activity • Continued focus on product pioneering, offering clients an extensive range of treasury products • Enhanced capability by recruitment of leading equity derivatives team
Slide 45: Corporate Banking and Interest Rate Activities
Corporate Banking and Interest Rate Activities • Important initiatives undertaken during the year… – Appointed as adviser on redevelopment of Wembley Stadium – First project financing of a prison in South Africa – Introduction of credit derivatives products – Successfully launched the first two corp
Slide 46: Private Client Group
Private Client Group • Includes: Private Banking, Private Client Portfolio Management and Stockbroking 31 March 2000 Net Operating Income (R’mn) 1 384 Operating Expenses (R’mn) 1 092 Net Operating Profit before Tax (R’mn) 292 Cost to Income Ratio (%) 75%
Slide 47: Private Client Group
Private Client Group 2000 1999 Number Number Assets Number Number Assets of Clients of Staff R’bn of Clients of Staff R’bn Private Client Portfolio 77 315 907 109.3 59 255 652 76.5 Management Private Bank 81 163 788 15.4 54 185 679 11.2 TOTAL 1 695 124.7 1 311 87.7
Slide 48: Continual Product and Channel Innovation
Continual Product and Channel Innovation • Launched Investec Private Bank Card • Launch of Investec Connect in South Africa and subsequent roll-out in the UK • Pending launch of a range of card offerings across additional jurisdictions in Europe • Introduction of a branded multi-manager investment p
Slide 49: Private Client Portfolio Management and Stockbroking
Private Client Portfolio Management and Stockbrocking • Carr Sheppards Crosthwaite Ö strong year of performance following a year of successful integration – Obtained number one rankings in the following categories in the Private Asset Management Survey (Sept ‘99): • Accessibility and speed of servic
Slide 50: Private Client Portfolio Management and Stockbroking
Private Client Portfolio Management and Stockbrocking Successful Integration of Private Client Businesses... • HSBC Johannesburg retail broking operation and Investec Securities Ö Investec Private Client Portfolio Management and Stockbroking • Stuart Coleman, Royce Investment Group Ö Investec Ernst
Slide 51: Asset Management
Asset Management United Scope of Activity Kingdom Retail, institutional, USA investment trusts, Mutual Funds PEP, ISAs Retail, Institutional South Israel Africa Retail, institutional, Mutual Funds, multi-manger, Institutional linked- product
Slide 52: Asset Management
Asset Management • Includes: Institutional, Retail and Investment Trust Asset Management and Linked Product Provider Business 31 March 2000 Net Operating Income (R’mn) 795 Operating Expenses (R’mn) 566 Net Operating Profit before Tax (R’mn) 229 Funds under Management (R’bn) 171 Cost to Income Ratio
Slide 53: Asset Management
Asset Management • A year of consolidation, repositioning and replenishment of resources – notwithstanding: – Operating profit growth exceeded 65% – R18bn net new business – R171bn funds under management • Recruitment of high quality staff and appointments of new management teams has proved to be be
Slide 54: Another Year of Solid Performance...
Another Year of Solid Performance... • SA institutional: – Ranked in the top 3 in 3 and 5 years by Alexander Forbes Large Manager Watch • UK Institutional: – Won 15 new public sector mandates and 2 building society accounts for Sterling fixed income and cash mandates – Voted as Fixed Interest Manage
Slide 55: Rankings Based on 3 Year Rolling Returns
Rankings Based on 3 Year Rolling Returns Jun96 Dec96 Jun97 Dec97 Jun98 Dec98 Jun99 Mar00 Allan Gray 1 1 9 10 10 6 1 1 Coronation - 3 5 1 2 4 5 2 INVESTEC 3 4 1 4 1 1 2 3 Omam 4 5 8 7 3 3 3 4 Source: Alexander Forbes Large Manager Watch
Slide 56: Another Year of Solid Performance...
Another Year of Solid Performance... SA Unit Trusts: • Overall market share 15% (excluding money market funds) • Voted as top unit trust management company for 1999 – Standard and Poors • One of two unit trust companies in South Africa to rank in the top 5 positions of the Plexus Survey over 1,2 and
Slide 57: Another Year of Solid Performance...
Another Year of Solid Performance... Investment Management Services • New inflows exceed R3,1bn • Funds under management exceed R10bn • Aim to broaden scope of operation by greater utilisation of the life license with a gradual increase of retail offering via the Internet and call centre
Slide 58: Another Year of Solid Performance...
Another Year of Solid Performance... Asia and USA • Deepened our roots in Hong Kong • Approved the launch of an Asian New Economy Fund during May 2000 • USA retail business has almost doubled FUM • Strong market support for new economy product range, especially the Wired Index fund ($410mn FUM since
Slide 59: Group Performance
Group Performance
Slide 60: Salient Financial Features
Salient Financial Features Balance Sheet (R’mn) 31 March 31 March % 2000 1999 Increase Shareholders’ Funds 7 668 7 107 7.9 Total Assets 165 346 111 817 47.9 Advances 33 035 21 700 52.2
Slide 61: Salient Financial Features
Salient Financial Features Income Statement (R’mn) 31 March 31 March % 2000 1999 change Net Interest Income 1 430 1 204 18.8 Provision for Bad & Doubtful Debts 211 223 (5.4) Other Income 3 230 2 204 46.6 Operating Expenses 2 791 2 064 35.2 Net Income before Taxation 1 658 1 121 47.9 Headline Earning
Slide 62: Growth in Net Tangible Assets Per Share
Growth in Net Tangible Assets Per Share Cents 7000 6000 10 Year CAGR: 31.7% 5000 4000 3000 2000 1000 0 1990 1992 1994 1996 1998 2000
Slide 63: Growth in Total Assets
Growth in Total Assets R’bn 180 160 10 Year CAGR: 62.8% 140 120 100 80 60 40 20 0 1990 1992 1994 1996 1998 2000
Slide 64: Growth in Assets under Management
Growth in Assets under Management R’bn 500 450 10 Year CAGR: 60.6% 400 350 300 250 200 150 100 50 0 1990 1992 1994 1996 1998 2000
Slide 65: Operating Income by Type
Operating Income by Type For the year ended 31 Mar 2000 3.1 % 12.3 % Commission & Fees - Recurring 41.8 % Margin Income 16.0 % Principal Transactions & Trading income Commission & Fees - Once Off 26.8 % Investment Income - Recurring
Slide 66: Annuity as a % of Total Income
Annuity as a % of Total Income Percent 90 80 83.2 81.1 77.4 70 71.7 73 60 69 50 53 40 30 20 10 0 1994 1996 1998 2000
Slide 67: Organic Growth in Income
Organic Growth in Income R’mn 4500 29.7% 4000 3500 3000 37.3% 2500 2000 32.2% 1500 34.7% 1000 41.3% 500 18.8% 30.7% 0 1994 1996 1998 2000
Slide 68: Organic Growth in Expenses
Organic Growth in Expenses R’mn 2800 27.9% 2400 2000 1600 35.6% 1200 20.1% 800 28.1% 38.2% 400 15.3% 16.6% 0 1994 1996 1998 2000
Slide 69: Organic Growth in Net Income
Organic Growth in Net Income R’mn 1800 33% 1600 1400 54.9% 1200 1000 71.3% 800 600 46.2% 58.9% 400 60% 57.6% 200 0 1994 1996 1998 2000
Slide 70: Operational Issues
Operational Issues
Slide 71: Risk Management / Asset Quality
Risk Management / Asset Quality “Before I recommend anything, I’d like your views on what the word ‘risk’ implies”
Slide 72: Risk Management / Asset Quality
Risk Management / Asset Quality • Stood up in very volatile times - no significant issues during market crisis • Quality of loan portfolio improved significantly • Global credit and price risk management systems implemented
Slide 73: Bad Debt Charge
Bad Debt Charge % of Average Advances 1.4 1.2 1 1.1 1.13 0.8 0.94 0.8 0.75 0.6 0.71 0.58 0.53 0.4 0.2 0 1993 1994 1995 1996 1997 1998 1999 2000
Slide 74: Total Non Performing Loans
Total Non Performing Loans % Total Loans & Advances 3.5 3 3.03 2.5 2.6 2.7 2 2 2.07 1.5 1.8 1 0.5 0 1995 1996 1997 1998 1999 200
Slide 75: Impact of SARB Provisioning Policy
Impact of SARB Provisioning Policy • Should have no impact as policy for suspending interest is in line and general provisions will cover the provisions required under the provisioning policy
Slide 76: Capital Philosophy
Capital Philosophy • Objective is to continue to improve ROE but retain a reasonable amount of surplus capital to take advantage of opportunities
Slide 77: Capital Philosophy
Capital Philosophy • Tight on issue of new shares - use more non- equity capital • Shed investments or businesses that utilise capital without generating desired return or create the necessary leverage
Slide 78: Capital Adequacy
Capital Adequacy Rand Value % (mn) Net Qualifying Capital – Tier One 5 647 Less: Capital required for Trading Activities (814) Tier One 4 833 11.88% Tier Two 52 0.13% Total 4 885 12.01%
Slide 79: Deploying Capital Productively
Deploying Capital Productively % 31 March 31 March Target 2000 1999 Ratio Return on Equity 24.2 18.7 30.0 Return on Investment 16.4 14.7 20.0 Return on Risk- Weighted Assets 2.8 2.5 3.0
Slide 80: Costs
Costs • As international expansion has picked up pace, so has the cost to income ratio increased • This last year saw a slight improvement in the ratio, more as a consequence of revenue growth than as a consequence of sound cost management
Slide 81: Costs
Costs • There is room for significant improvement in the level of efficiency within the organisation and a strong emphasis on cost containment is being entrenched in the operational philosophies of the business units
Slide 82: Cost to Income Ratio
Cost to Income Ratio % 31 March 31 March Target 2000 1999 Ratio South Africa 50.6 51.6 45.0 UK 63.3 63.9 55.0 Other 61.2 55.5 55.0 Group 59.9 60.6 50.0
Slide 83: The global market place is information based
“The global market place is information based. Knowing how to learn is the central skill that allows a company to move up the value curve” - Harvard Business Review, March - April 2000
Slide 84: Staff Complement
Staff Complement Peopl e 4500 4000 3500 3000 2500 2000 1500 1000 500 0 1994 1996 1998 2000
Slide 85: Staff Turnover
Staff Turnover Percent 25 20 23 15 17 15 15 16 15.5 14.8 14.7 13.6 13.1 15.3 10 5 0 1990 1992 1994 1996 1998 2000
Slide 86: Headline Earnings Per Employee
Headline Earnings Per Employee R’000 360 320 280 240 200 160 120 80 40 0 1994 1996 1998 2000
Slide 87: E-Commerce
E-Commerce “Investec has a quality (e-commerce) offering and its culture is well suited to rapid change…” - Analyst Report, December ‘99
Slide 88: E-Commerce Initiatives
E-Commerce Initiatives • During the past year, the Group completed all year 2000 preparations and successfully transitioned all current operations into the new millennium • The focus now shifts to ensuring that all business units have adequate plans in place to support the business in the “New Econo
Slide 89: E-Commerce - Overall Strategy
E-Commerce - Overall Strategy • Investec has introduced an Internet offering as an alternative distribution channel through which clients can transact with the Group • In certain markets our strategy has been defensive, whilst in others it has been aggressive
Slide 90: E-Commerce Initiatives
E-Commerce Initiatives Our current capabilities and initiatives in this regard include...
Slide 91: Retail
Retail • Investec Asset Management has embraced the Internet through the way in which its business is conducted and its product offering • On-line trading of all IGF unit trusts - live May 2000 • Recently voted as runner up in the ‘Most Innovative Website Category’ (International Money Marketing Awa
Slide 92: Private Client
Private Client • Investec Private Bank Card offers on-line banking capability including inter account transfers, third party payments and transactional statements – Future offerings include mortgage bond and money market fund link up
Slide 93: Private Client
Private Client • Full on-line securities execution and portfolio management • The foundations of Investec Connect UK are being laid with the release of Quicken Online, a collaborative development with Intuit Services Europe
Slide 94: Private Client
Private Client • Investec Clali was the first Israeli bank to launch a comprehensive Internet banking facility enabling customers to execute banking, securities and forex transactions via the Internet – branded as the “private e-bank” – Only local bank to offer on-line trading in both Israeli and NA
Slide 95: Institutional
Institutional • Development of institutional brokerage website – offering full range of all in-house research, access to internal models and valuation methodologies and will in time be extended to incorporate an execution capability
Slide 96: Corporate
Corporate • Market Maker – Real time Internet based treasury system – Looking to accommodate equities and bond trading during the latter part of the year – Major initiative during the year – sub license of the software to Anglo American, which will use the system internally and manage it independent
Slide 97: Intermediary
Intermediary • Introduction of DeskTec™ – A state-of-the-art front and back-office application created by Investec Ernst & Company – Assists our correspondents and prime brokers in their day-to-day operations via the Internet or over direct leased lines
Slide 98: Looking Forward
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Slide 99: Looking Forward
Looking Forward The past year was a year in which significant progress was made in building our name and reputation both internationally and domestically
Slide 100: Looking Forward
Looking Forward The quality of the people and the businesses which they drive continue to improve
Slide 101: Globalisation
Globalisation As banks position themselves to compete in the face of increased globalisation, the consolidation and merger mania wave has gained even greater momentum...
Slide 102: The Liquidising Effect of Consolidation
“The Liquidising Effect of Consolidation” While consolidating players are grappling with the appropriate strategy to adopt, they become more inwardly focused...
Slide 103: The Liquidising Effect of Consolidation
“The Liquidising Effect of Consolidation” ...Presents opportunities for focused players in terms of people fall-out and small to mid-size market gaps
Slide 104: Investec remains committed to being a leading specialist banking group
Against this backdrop, Investec remains committed to being one of the world’s leading specialist banking groups...
Slide 105: By taking advantage of these opportunities
... By taking advantage of these opportunities and concentrating on the more profitable segments of our industry
Slide 106: Integrated international network and long term growth
The effective implementation of our integrated international network and our commitment to long term growth and development should ensure continuous creation of shareholder wealth
Slide 107: Analyst Presentation
INVESTE@ Analyst Presentation 2000