Standing firm amid ill wind of populism
Pretoria's dead hand on economy makes lenders wary - and the target of attacks
"Engage, engage, engage." This is what banks must do to counter populist attacks that portray them as the enemies of the people, says FirstRand group CEO Johan Burger. Banks have been called criminal gangs by Black First Land First and vilified by the SACP, Cosatu, the ANC Youth League and the EFF, which demand that they be nationalised. President Jacob Zuma has accused them of thwarting the growth of black business and contributing to inequality. The chairman of parliament's portfolio committee on finance, Yunus Carrim, warned them to transform or be transformed. In spite of such apparent hostility, Burger says he doesn't believe banks are under direct threat. But this can't be taken for granted, especially as the economic screws continue to tighten. "The danger is there could be a shift to more populist policies. That is why we have a responsibility to engage, engage, engage," he says. The greatest risk to banks is as much political as economic, he says. While the government is no...
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