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Standard Bank Says Share Buyback Not an Immediate Intention

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May 31 (Bloomberg) -- Standard Bank Group Ltd. is not planning an immediate buyback of shares, Erik Larsen, the bank’s spokesman, said in a telephone interview from Johannesburg today.

Standard Bank directors “intend to repurchase shares either by the company or one of its subsidiaries,” Chairman Fred Phaswana said earlier today at the lender’s annual general meeting. Shareholders voted to approve the bank’s share-repurchase proposal.

To contact the reporter on this story: Renee Bonorchis in Johannesburg at rbonorchis@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net

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