Investec: ANC ballot crucial
Banking outlook ‘tricky’ in run-up to election of new party president
The South African banking outlook would be "quite tricky", depending on the outcome of the ANC’s internal election in December, Investec CEO Stephen Koseff said on Friday. Markets would support change but not if it was the wrong kind of change, Koseff said. SA was lucky because global markets remained favourable, and though some of SA’s other banking groups had sounded warnings about the outlook, Koseff said Investec’s client base in SA was a more narrowly defined demographic, which was more affected by where the stock market was now. Despite a big drop in confidence in SA, there was still activity, unlike in the 2008-09 recession, because people were "still hopeful", Koseff said. Investec, based in London and dual-listed in London and Johannesburg, expected to be "reasonably well ahead in pounds" for the six months to end-September, Koseff said. The group said in a pre-close trading statement that its client base had "demonstrated resilience in the face of mixed economic backdrops"...
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