SGSS mandated in South Africa by Grindrod Bank

Societe Generale Securities Services has been mandated in South Africa by Grindrod Bank to provide custody and trustee services for its *Preference Share Exchange Traded Fund, PrefEx, which was launched on 28 March 2012 and is the first Preference Share Exchange Traded Fund to be listed on the Johannesburg Stock Exchange.

This mandate results from the local and international expertise that SGSS has built up in custody and trustee services in South Africa, where it has been providing local securities services to domestic clients for over 20 years. SGSS offers a full range of services to a client?base of asset managers, global custodians, investment banks and broker dealers in South Africa and its overall offering in the country now includes both local and global custody, clearing & settlement services across all asset classes, as well as securities lending and treasury solutions.

It also provides services for foreign institutions investing in South Africa and accompanies South African clients in their international development, where they have the support of SGSS's global network and expertise across 80 countries.

Grindrod Bank Limited is a registered financial services provider, regulated by the South African Reserve Bank. Established in 1994, the Bank is a competitive niche bank offering a personalised approach to financial services through its genuine relationships with private, corporate and institutional investors.
With a particularly strong reputation in property finance, corporate lending and investment management, its operations are conducted out of Johannesburg, Durban, Cape Town and Pretoria.

* Preference shares in a company entitle holders to a fixed dividend but do not usually carry voting rights. Holders also have priority over ordinary shareholders if the company goes bankrupt and its assets are liquidated. Preference Share Exchange Traded Funds track the price and yield performance of a preferred stock index.