Local banks will weather Covid-19 storm, says Nedbank CEO Mike Brown
Banks enter the global lockdown crisis with more reserves and better quality loan books than was the case during the global financial crisis, says Brown
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.