STANBIC COUNTER-OFFER EXPECTED

STANBIC is expected to address a meeting of shareholders and analysts in Midrand on Wednesday, at which he is expected to provide more information on Stanbic’s counter-proposals to the Nedcor takeover bid. On Tuesday the Insurance and Banking Staff Association said it suports the hostile takeover bid. Ibsa is a predominantly a Nedcor staff association. Last week the South African Society of Banking Officials’ (Sasbo) announced that it has taken a resolution to block the Nedcor-Stanbic merger proposals.