Banks

ABSA must ‘pay-back’ the apartheid money! – Public Protector
Banks Breaking News Business Public Protector South Africa

ABSA must ‘pay-back’ the apartheid money! – Public Protector

According to the Public Protector Adv Busisiwe Mkhwebane ABSA (Barclays Africa Group ) unduly benefited from the apartheid-era loan bailouts and must repay 1.125 billion rand and the Special Investigating Unit is tasked with the mission to collect all the money back into government. The bank denied any wrongdoing but still no comment from SANLAM […]

Minister to meet Banks over auctioning & attaching of RDP houses
Banks Breaking News South Africa

Minister to meet Banks over auctioning & attaching of RDP houses

The Department of Human Settlements says banks should not, under any circumstances, auction government subsidised RDP houses to settle any debt. “The Government builds and gives indigent South Africans homes. These homes do not belong to one person but to the whole family, by auctioning this house to settle short term debts the Banks are […]

Moody’s downgrades Standard Bank, FirstRand, Absa…
Banks Breaking News Business South Africa

Moody’s downgrades Standard Bank, FirstRand, Absa…

Global ratings agency Moody’s has downgraded the credit ratings of South Africa’s top five banks and three development finance institutions. Moody’s said the downgrade is due to the weakening of the South African government’s credit profile” following the country’s investment grade downgrade. The five banks downgraded are Standard Bank, FirstRand, Absa, Nedbank and Investec   […]

Top 5 tips to achieve financial independence
Banks Business

Top 5 tips to achieve financial independence

There are no short cuts to attaining financial independence; it requires discipline and limitation of wasteful spending, especially on non-essential items. Ester Ochse, Channel Head of FNB Financial Advisory, says “Financial independence is the ability to live a financially independent life that neither relies solely on debt as a form of survival or living expenses. […]

State-owned Bank to target the ‘unbanked’ and low end market
Banks Business Featured Article

State-owned Bank to target the ‘unbanked’ and low end market

Government is committed to fast-tracking the corporatisation of Postbank in order to make banking services available to the unbanked and low end market. The Deputy Minister for Telecommunication and Postal Services, Stella Ndabeni-Abrahams, on Tuesday said commendable progress has been made in corporatising Postbank in the 2016/17 financial year. “…Significant progress has been made in […]

Treasury raise concern about banks price fixing
Banks Business South Africa

Treasury raise concern about banks price fixing

National Treasury has expressed concern on the outcomes of the Competition Commission’s investigation into price fixing and market allocation by 17 banks, saying it views the matter in a serious light. Announcing the findings of the investigation, the Commission said 17 banks, including three South African banks that have an international footprint, were implicated. “As […]