Transformation hearing on banking off to solid start
Diversification of the sector was the way to go with banks assisting in the formation of black owned cooperative and niche banks which targeted specific markets
Tuesday’s parliamentary hearing on transformation of the financial services sector did not generate the kind of heat and bank-bashing that was feared. Bank Association of South Africa’s (Basa’s) Cas Coovadia said in an interview at the end of the day that the robust and collegial interactions had been "better than I expected but I think we still have a some way to go before we get on to the same page about our understanding of transformation and for us to convince some of the parliamentarians about the specifics of banking sector that must be taken seriously". These issues included structure of ownership, capital requirements, global issues etc. The proceedings gave Coovadia confidence that a robust but pragmatic conversation on transformation of the sector was possible. "Those are the debates we should be having," he said. DA finance spokesman David Maynier said he was "pleased the hearings did not descend into a banker bashing frenzy and a radical economic transformation show tria...
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