Back in the day, as editor of Business Day, I learnt a valuable lesson about banks in SA. It was 2002 and a liquidity crisis (what else?) in the medium-sized banks was building up.

Banks look big and strong but they’re also privileged and fragile. It’s a confidence thing. In fact, more than 20 banks have either failed, vanished or been rescued here since just 1990 — remember Corpcapital Bank, Old Mutual Bank, PSG Investment Bank, African Merchant Bank, BOE Bank, Saambou and Unibank just for starters?..

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