Nedbank CEO Mike Brown says local banks will weather the storm brewing from the economic fallout of the Covid-19 pandemic because they entered the current crisis in a stronger position than they were in during the global recession a decade ago.

“During the global financial crisis banks were at the epicentre, causing the problem. Fortunately, this time we are not to blame, and working alongside regulators, are seen as a key part of the solution in enabling economies to recover,” Brown said at an online function hosted by Nedbank Private Wealth on Tuesday.

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