Liberty, once one of the five largest shares on the JSE, could soon be delisted. For years Standard Bank has denied any plans to buy out the minority shareholding in Liberty Holdings. But there was also a time when Old Mutual said it would never list as, in the words of former chair Mike Levett, mutuality was “in our DNA”.
The resignation of Roy Andersen as Liberty CEO in 2003 was a turning point, when Liberty lost its independence. He was replaced by Standard Bank’s leading merchant banker, Myles Ruck. It seems a curiosity now that under Liberty founder Donny Gordon the then Liberty Life was perceived to own the bank, not the other way around. Liberty certainly had a more colourful creative team than the somewhat bland and austere Standard Bank of the 1980s and 1990s.
Standard Bank introduced their toxic culture and people to the Liberty Group. They had a buddy buddy system that created positions for their less competent compadres ... meetings were a thing / created mngt layers (ala ESKOM). It was like the ANC deploying cadres to businesses...
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