HSBC to exit SA as domestic lenders hold firm

British multinational bank HSBC has become the latest offshore banking giant to decide to exit SA as international players battle to establish a significant presence in a market local lenders dominate.

HSBC announced on Thursday that it decided to withdraw. This will see it transfer its clients and banking assets and liabilities to FirstRand and smaller rival Absa. Its SA branch employees will transfer to FirstRand...

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