Absa and Investec have been named the top picks to lead the recovery in bank shares as the local unit of one of the world largest financial institutions, Bank of America (BofA), forecasts a bounce back in the sector with billions of rand in backstop against bad loans. 

On Monday, the bank published a report titled “SA Equity Year Ahead” in which it noted that the valuations of the country’s largest banks had been more deeply affected by the pandemic than their emerging-market peers.       ..

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