CAS COOVADIA: Banks on your side, South Africans
The business of banking depends on a growing economy and increased wealth creation, and the banking business is committed to creating that
There is a popular story that says business is not committed to inclusive — even radical — economic transformation. It is wrong. The Banking Association of SA (Basa) has also long acknowledged that the present patterns of wealth ownership in the country are not sustainable and have their origins in apartheid and colonialism. We fully support policies and legislation — such as BEE and employment equity — aimed at redressing the past and providing the poor and vulnerable with access to jobs, secure income and the opportunity to create wealth for their families. We know that the business of banking depends on the economy growing and creating savings and wealth that can be shared among all South Africans. As chair of Basa, Mike Brown, the CEO of Nedbank has said: “We cannot run successful business in an unsuccessful country; if SA does not work then our companies won’t work”. Our commitment to support growth and transformation of the economy is demonstrated by our participation in a num...
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