FirstRand banking on South Africa’s corporates
It is in the commercial lending market that FirstRand, owner of RMB, is still upbeat. As for consumers, it’s going to be a rough 2024
21 September 2023 - 05:00
Credit has been the grease that has helped the gears of capitalism turn for centuries. Its essence remains simple: individuals and companies are willing to allow a bank to lend their deposits out for a price — namely, interest.
But if the credit market, which is dominated by banks, stalls, there is trouble. That was the spark for the 2008-2009 financial inferno: banks just didn’t trust the quality of each other’s balance sheets enough to loan to peers. ..
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