Johannesburg - Sanlam has returned Gensec's banking licence to the Reserve Bank, the institution said on Monday.
This follows the completion of the restructuring of Gensec Bank into Sanlam Capital Markets (SCM), announced in August last year as a further step in the Group's strategy of improving operational focus and delivery.
The formal approval of the Registrar of Companies for the change of name from Gensec Bank Limited to Sanlam Capital Markets Limited was pending.
"The restructuring has led to the phasing out of the formal banking cluster within the Group's structure with SCM now forming part of the Group's finance division, reporting to Flip Rademeyer, Sanlam's finance director."
Sanlam said SCM would continue to operate from Sanlam's offices in Johannesburg, with Mark Murning as its chief executive.
The performance of SCM for the year to date had been "encouraging".
"It is expected that SCM in its restructured format will further strengthen Sanlam's relationship with Absa. Sanlam holds a strategic investment of 21 percent in Absa and good progress is being made with the co-operation agreement concluded between the groups in September 2003," Sanlam said.
Sanlam Group chief executive Johan van Zyl said he was pleased that the restructuring could be delivered within the time frame set in August last year.
"The restructuring of SCM to refocus on areas that are complementary and value-enhancing to the Group, is in line with our strategy of applying a back-to-basics approach in all areas of our business.
"SCM will enable the Group to capitalise on the benefits of a centralised treasury, structured products and brokerage capability to serve clients," Van Zyl said.