David McKay reports that the National Union of Mineworkers (NUM) said it would oppose an offer to sell its 50% stake in Ubank to Oakbay Investments, a company owned by the politically-connected Gupta family.  

Citing NUM spokesman Livhuwani Mammburu, Bloomberg News said the union saw Ubank as the miners’ bank and that it would not be sold.  “It’s not going to happen,” Mammburu said.  Earlier, NUM general secretary, David Sipunzi, told The Star newspaper that he was opposed to the transaction.  The Chamber of Mines of SA (CoM) owns the other half of Ubank, which specialises in providing finance to mining employees.  The NUM and the CoM are looking for investors to inject capital into the bank, but the NUM is apparently not willing to sell its entire stake.

• Read this report in full at Miningmx
• See too, Guptas will not get their hands on Ubank, NUM vows, at BDLive

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