| Laubscher: "banks cannot stand alone" | ||||||
Simmonds Street, Johannesburg, is the site of Standard Bank's sprawling headquarters, a biosphere full of bankers, high flyers, secretaries and their hairdressers. But this self-contained world, insulated from the day-to-day ravages of a restless city, came under siege last year. The invader, in the form of Nedcor - its smaller rival - was camped outside the gates for nine months.
As visitors approached the Stanbic complex a banner urged: "Hoot to give the Neds the boot!" Posters on the walls angrily demanded "Is this by Mutual consent?" (A reference to Old Mutual, the South African life assurer, which has a controlling stake in Nedcor and 22% of Stanbic, and saw their merger as a convenient exit.)
Nedcor's headquarters are in Main Street, just a short walk away. Richard Laubscher, chief executive of Nedcor, took that walk last October 5, three weeks after he had shocked Stanbic with an audacious bid.