Schedule 13D: Standard Bank Reports 132.9M BTI Shares (6.1%)

Rhea-AI Filing Summary

Standard Bank of South Africa Ltd reported beneficial ownership of 132,926,664 ordinary shares of British American Tobacco p.l.c., representing 6.1% of the class. The filing on Schedule 13D identifies the reporter as a South African bank and financial services group and notes that SBG Securities Pty Ltd acts as the Group's equity broker. The statement explains the position arises from the Group's trading, investment and hedging activities and does not disclose any agreement to change or influence control of the issuer. No related contracts or material arrangements are attached.

Positive

• Disclosure of a 6.1% beneficial ownership equal to 132,926,664 ordinary shares
• Filing by a regulated financial group clarifies the holder's role and broker relationship (SBG Securities Pty Ltd)

Negative

• None.

Insights

Financial Analyst

TL;DR: A material 6.1% stake disclosed; filing is informational with no stated intent to influence control.

The disclosure notifies the market that Standard Bank holds a sizeable equity position in BTI equal to 6.1% of outstanding ordinary shares (132,926,664 shares). For investors, the filing clarifies ownership concentration and potential trading interest from a regulated financial group. The report does not present any planned acquisitions, sales program details, or strategic arrangements that would signal an active change in corporate control or direction.

Corporate Governance Expert

TL;DR: Schedule 13D flags a significant passive stake but contains no commitments or coordination with other shareholders.

The Schedule 13D confirms Standard Bank's status as a regulated institutional holder and notes broker involvement via SBG Securities Pty Ltd. The filing repeatedly emphasizes trading and hedging purposes and explicitly lists no contracts or understandings with respect to BTI's securities. From a governance perspective, absence of disclosed arrangements suggests no immediate activist intent, though the position size warrants monitoring for future disclosures.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

British American Tobacco p.l.c.

(Name of Issuer)

Ordinary Shares

(Title of Class of Securities)

GB0002875804

(CUSIP Number)

Samira Rajaram
30 Baker Street, Rosebank
Johannesburg, T3, 2196
27114154465

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/26/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. GB0002875804

1

Name of reporting person

STANDARD BANK OF SOUTH AFRICA LTD

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

SOUTH AFRICA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 132,926,664.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 132,926,664.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

132,926,664.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.1 %

14

Type of Reporting Person (See Instructions)

BD, IA, IV, BK

Comment for Type of Reporting Person:

Standard Bank is a licensed bank and Financial Service provider in South Africa. SBG Securities (Pty) Ltd is a subsidiary of the Standard Bank Group and is the equity broker for the group and has a membership with the Johannesburg Stock Exchange (JSE) and A2X exchange in South Africa.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Ordinary Shares
(b)	Name of Issuer: British American Tobacco p.l.c.
(c)	Address of Issuer's Principal Executive Offices: GLOBE HOUSE, 4 TEMPLE PLACE, LONDON, UNITED KINGDOM , SW1V 1PN.
Item 1 Comment: Standard Bank is a licensed bank and Financial Service provider in South Africa. SBG Securities Pty Ltd is a subsidiary of the Standard Bank Group and is the equity broker for the group and has a membership with the Johannesburg Stock Exchange and A2X exchange in South Africa. As part of the Group and subsidiaries trading. As part of the Groups trading, investment and hedging strategies, it may hold equity positions from time to time.
Item 2.	Identity and Background
(a)	Name: Standard Bank Group Entity Type: Publicly listed Company
(b)	Address: 30 Baker Street, Rosebank, Johannesburg 2196
(c)	Standard Bank is a licensed bank and Financial Service provider in South Africa. SBG Securities Pty Ltd is a subsidiary of the Standard Bank Group and is the equity broker for the group and has a membership with the Johannesburg Stock Exchange and A2X exchange in South Africa. As part of the Groups trading, investment and hedging strategies, it may hold equity positions from time to time.
(d)	No
(e)	No
(f)	South Africa
Item 3.	Source and Amount of Funds or Other Consideration
	Standard Bank is a licensed bank and Financial Service provider in South Africa. SBG Securities Pty Ltd is a subsidiary of the Standard Bank Group and is the equity broker for the group and has a membership with the Johannesburg Stock Exchange and A2X exchange in South Africa. As part of the Groups trading, investment and hedging strategies, it may hold equity positions from time to time.
Item 4.	Purpose of Transaction
	Standard Bank is a licensed bank and Financial Service provider in South Africa. SBG Securities Pty Ltd is a subsidiary of the Standard Bank Group and is the equity broker for the group and has a membership with the Johannesburg Stock Exchange and A2X exchange in South Africa. As part of the Groups trading, investment and hedging strategies, it may hold equity positions from time to time.
Item 5.	Interest in Securities of the Issuer
(a)	Aggregate Number: 132,926,664 Percentage: 6.1%
(b)	Number of shares = 132,926,664
(c)	Standard Bank is a licensed bank and Financial Service provider in South Africa. SBG Securities Pty Ltd is a subsidiary of the Standard Bank Group and is the equity broker for the group and has a membership with the Johannesburg Stock Exchange and A2X exchange in South Africa. As part of the Groups trading, investment and hedging strategies, it may hold equity positions from time to time.
(d)	Standard Bank is a licensed bank and Financial Service provider in South Africa and is a public company listed on the Johannesburg Stock Exchange.
(e)	N/A
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Standard Bank is a licensed bank and Financial Service provider in South Africa. SBG Securities Pty Ltd is a subsidiary of the Standard Bank Group and is the equity broker for the group and has a membership with the Johannesburg Stock Exchange and A2X exchange in South Africa. As part of the Groups trading, investment and hedging strategies, it may hold equity positions from time to time.
Item 7.	Material to be Filed as Exhibits.
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

STANDARD BANK OF SOUTH AFRICA LTD

Signature:	S Rajaram
Name/Title:	Samira Rajaram - Compliance Officer
Date:	08/28/2025

FAQ

What stake did Standard Bank disclose in British American Tobacco (BTI)?

Standard Bank disclosed ownership of 132,926,664 shares, representing 6.1% of BTI's ordinary shares.

Does the Schedule 13D state Standard Bank intends to change control of BTI (ticker: BTI)?

No. The filing states the position arises from trading, investment and hedging strategies and does not disclose any intent to change or influence control.

Who is acting as Standard Bank's equity broker in this filing?

The filing identifies SBG Securities Pty Ltd as the Group's equity broker with membership on the Johannesburg Stock Exchange and A2X.

Are there any contracts or arrangements related to the BTI shares disclosed?

No. Item 7 lists no exhibits and the filing states Not Applicable for material contracts or arrangements.

What is the reporting person's country of organization?

The reporting person, Standard Bank, is organized in South Africa.