RON DERBY: Now Capitec knows its fairytale story can still be hard to sell
The only way to reassure markets that theirs is a sustainable story is to answer all the questions posed by Viceroy
Banking may be back in vogue at the moment with a US president seeming to deliver on a promise to ease regulation. This has benefited big businesses such as the JP Morgans of this world. It's been a rather torrid decade for the world's leading lenders. Donald Trump's predecessor came into the White House faced by a possible collapse of the American and global economy flowing from the greed of Wall Street bankers. In response, layers of regulation were added to banks in an effort to regain credibility in the global financial system. That still-necessary burden of regulation, meant to curb the excesses of the world's major lenders, made the investment case for banks just that more difficult to sell. While South African banks weren't lumped in the same category as their more esteemed colleagues in the US and Europe, they too weren't necessarily a favourite pick for fund managers in search of growth in emerging markets. On the corporate front, South African banks weren't in the stronges...