eBucks.com is dividing into two separate, focused businesses, the eBucks Rewards Programme and the eDelivery business unit.

Since the launch of eBucks.com in October 2000, the two units, the rewards programme and Internet banking service, have operated relatively independently within the structure of eBucks.com. The formal split of these two units is seen as positive for both, allowing for more concentrated focus on their individual areas and to further the growth already seen.

"The division of the company will strengthen each business unit, enabling them to offer even better service and value to customers. When eBucks.com launched it made sense to have the two units in one business, until critical mass had been achieved. However, with the substantial growth of the Internet Banking service as well as the eBucks Rewards Programme, the time to give the two businesses their own identity has come," stated Angus Brown CEO of eBucks.com.

The restructuring, which commenced in February 2004, will be handled in a phased approach and will incur no significant extra costs to either business and no cost to clients. The eDelivery business unit, which will include all online and mobile banking channels for the Group will be headed up by Angus Brown and will be more closely aligned with the Group's banking business, focusing on innovation and providing a flawless customer experience. The eBucks Rewards Programme, will be headed up by Lezanne Human, previously COO of eBucks.com. Human says, "We are very excited about this move and intend to continue focusing on increasing the number of external partners, providing increased choice for customers and fulfilling an integral role in our partners' retention and profitability strategies."

Paul Harris, Chairman of eBucks.com and CEO of the holding company, FirstRand Bank Holdings said, "We have been immensely pleased with eBucks.com's performance since launch, which includes such successes as the strong growth of the Internet Banking service and the eBucks' Rewards Progamme being voted the best in the financial services category of last year's Value in Loyalty Programmes 2003. Not only has the company repaid the initial start-up loan in full, but both sides of the business have seen incredible growth and have been producing a profit for over a year. However, now the best strategy is to divide the two businesses, enabling more focus. We look forward to seeing the two businesses flourish even further with the freedom of completely independent operating structures."

About eBucks:

eBucks, the rewards programme offered by First National Bank (FNB) and RMB Private Bank, is acknowledged as one of South Africa's leading rewards programmes with highly active members spending in excess of 80% of the eBucks earned in any given month.