South African banks face more provisions, SARB’s Naidoo says
SA banks will probably have to raise further provisions for bad loans as measures to contain the coronavirus weigh on the struggling economy.
SA probing insurance policies over unpaid virus claims
A South African regulator is studying insurance contracts after customers complained that claims related to the coronavirus were unfairly rejected.
South African banks at risk of deepest profit slump in 50 years
Banks face the steepest earnings slump in half a century as measures to curb the coronavirus drag the economy deeper into recession and lead to a surge in bad debts.
Farmers turn to commercial banks as SA lender stalls
Farmers are turning to commercial lenders to top up their working capital as the Land and Agricultural Development Bank battles a liquidity crisis.
Virus wipes 20% off income of South African bank’s customers
The average income of customers at SA’s FNB plummeted by about 20% during the nation’s lockdown as people took pay cuts or had less work to do.
Investec warns of social harm if South African lockdown endures
South African society is also at risk if the government extends a five-week lockdown without allowing more industries to get back to work.
RMB urges coordinated effort to soften virus blow
Rand Merchant Bank urged South African lenders and other finance firms to adopt a more coordinated approach.
South African banks begin talks to curb virus impact
SA banks are beginning discussions around the industry?s payments infrastructure and logistics to keep their operations going.
South Africa is spoiling it for banks finding growth elsewhere
South Africa?s biggest banks are increasingly relying on the rest of the continent to make money.
South Africa wants to dismantle big four auditors after scandals
SA regulators are stepping up efforts to break the oligopoly of the country?s top auditing firms.
South Africa risks becoming a ‘forgotten country,’ RMB CEO warns
South Africa must move quickly to implement the reforms needed to salvage its status as an investment destination.
KPMG South Africa makes headway rebuilding image after scandals
KPMG South Africa is winning back customers and no longer bleeding staff as the auditing firm rebuilds an image tarnished by a series of scandals.
Anglo CEO urges SA to upgrade rail, ports to boost mining
South Africa needs to modernize its rail and ports and provide reliable electricity supplies to boost growth in mining.
Hedge funds in South Africa bet on new rules to stem outflows
South Africa?s hedge fund industry is betting on new rules to help reverse a record drop in assets under management.
Absa plans China office in Asia investment banking expansion
Absa?s corporate and investment banking unit plans to open an office in China as an expansion that will target other parts of Asia and the Middle East
South African banks prepared for biggest strike in 99 years
South African banks are urging clients to use digital channels as the industry prepares for what could be its biggest strike since 1920.
Old Mutual dispute with fired Chief Executive drags on as Moyo adds evidence
Old Mutual's dispute with Peter Moyo was pushed out after he was granted leave to add evidence to a contempt of court charge he brought against the company.
Absa restructuring puts hundreds of jobs at risk
Finance labour union Sasbo was notified to begin consulting staff on the potential impact of the move, union representative Philip Landman said.
Liberty in talks to sell businesses to focus on SA
Liberty is in talks to sell majority stakes in its health-insurance business as well as its asset-management operations in East and West Africa.
Alexander Forbes executives resign amid strategic review
The retirement, investment and insurance-services provider said details of the resignations are confidential between the company and the executives.
SA urges banks need to innovate as new banks emerge
SA will strive to allow competition into its banking system in a way that won?t threaten stability, according to Prudential Authority's Kuben Naidoo.
SA banks face ‘chicken or egg’ quandary as economy lags
SA banks are caught in a conundrum; they either lend into a stagnating economy or wait for signs of life.
Discovery to buy full control of card unit from FirstRand
Discovery Ltd. is on track to start a South African bank by the end of this year after agreeing to buy FirstRand Ltd. ?s stake in a credit-card venture.
New SA laws may leave economy worse off
Banks say they are willing to partner the government and farmers on land reform, which must secure property rights, safeguard financial stability.
Barclays Africa set to dump a number top bosses
Barclays Africa may halve the number of top jobs at its retail and business bank as it reorganises after its UK parent cut its stake.