IN-DEPTH ANALYSIS: Banks strive for balance as radical transformation storm rages
The highly concentrated sector needs to diversify without sacrificing stability, writes Moyagabo Maake
The building has towered over Pretoria’s central business district for more than 28 years. Like the area and, arguably, the lives of most of the people scurrying below, it has remained unchanged. The noise on busy Helen Joseph Street cannot be heard inside Reserve Bank deputy governor Kuben Naidoo’s office on one of the top floors of the granite and steel building. The people crammed into hooting taxis that will take them to their township destinations haven’t seen much change in their lives 23 years after the death of apartheid. ANC politicians are now pinning their hopes for change on "radical economic transformation" as the party prepares to elect new leaders ahead of the general election in 2019. Banks, and by extension Banks Registrar Naidoo, have found themselves smack in the middle of the call for radical economic transformation. In a recent interview with radio station Power FM, ANC treasurer-general Zweli Mkhize said most assets in SA were owned by the white community, with...
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