OWN CORRESPONDENT, Johannesburg | Monday 4.40pm.
IN a move that is likely to boost Stanbic’s standing with its shareholders, former Reserve Bank govenor Chris Stals has joined the bank’s board, while Transnet MD Saki Macozoma has been appointed its deputy chairman, effective from March 1.
Making the announcement on Monday, Stanbic refused to say if the move is calculated to strengthen its hand against rival Nedcor, currently attempting a hostile takeover of the bank.
The two banks are engaged in a court battle over the takeover bid.
Questioned about the new appointments, Stanbic director of co-operate affairs Richard Steyn only said “I cannot add anything to the official announcement”.
Stanbic said on Friday that its appeal against a potentially harmful court judgment will be heard next month. The appeal is against a Pretoria High Court verdict that only the finance minister and registrar of banks have the right to rule on the bid.
Macozoma, a senior ANC member and managing director of the state-owned transport giant since 1996, has been on Stanbic’s board since October, 1998. He will join Derek Cooper as joint deputy chairman.
Stals retired on August 8 after 35 years service at the Reserve Bank and Finance Ministry.
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