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South Africa’s banks have gone on the offensive after being criticized by some politicians over their lending practices and records in addressing racial inequality. Attacks on the lenders have been led by President Jacob Zuma, who’s accused them of monopolizing the financial services industry, and questioned whether they colluded when closing accounts belonging to members of the wealthy Gupta family, who are his friends and are in business with his son. Parliament’s finance and trade and industry committees held hearings on racial transformation in the industry in Cape Town on Tuesday. “The banking industry is not resistant to transformation,” Cas Coovadia, managing director of the Banking Association of South Africa, told lawmakers. “On access to financial services, we’ve made significant progress. We have training programs in place to fast-track junior and middle management. We must acknowledge the journey we have been through.” The country’s financial system is becoming a battleg...

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