SA banks see more reward in the rest of Africa than at home
As load-shedding, corruption and ailing SOEs drain the fiscus, and the coronavirus hits home, none of the top bankers expect things to get better soon
13 March 2020 - 12:33
SA’s biggest banks are increasingly relying on the rest of the continent to make money as an economic recovery at home ebbs ever further away.
The Big Four make the bulk of their profit in Africa’s most industrialised country, where load-shedding, incoherent government policies, corruption and ailing state-owned entities (SOEs) have drained the fiscus and resulted in two recessions in as many years. None of the top bankers expect things to get better any time soon; not as the coronavirus sows global panic...
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