Public Protector u-turn on SARB challenge, still tackling Absa, Gigaba
Public Protector Busisiwe Mkhwebane considered legal advice and decided not to oppose the application the central bank filed on June 28, her office said in an emailed statement.
Public Protector Busisiwe Mkhwebane considered legal advice and decided not to oppose the application the central bank filed on June 28, her office said in an emailed statement.
Barclays is increasing the size of the stake it’s selling in its South African unit to raise about $2.9 billion, as part of a plan to shrink operations and bolster capital.
Rogue traders implicated in a currency collusion case have been named in an affidavit filed by the Competition Commission.
The Competition Commission referred a collusion case to the tribunal for prosecution against 17 banks, including three of South Africa’s big banks.
Atlas Mara, the African investment vehicle of former Barclays boss Bob Diamond, has held discussions with investors with a view to making a bid for Barclays’ African business.
For the last 15 years, Barclays has used the global popularity of Premier League soccer to gain footing in new markets. Next month, its reign as title sponsor ends.
Fitch downgraded Barclays Africa citing a lower likelihood of support from the bank’s British parent as it sells down its stake.
Barclays’ possible withdrawal from South Africa may turn out to be the economy’s biggest no-confidence vote at a time of financial-market turmoil and policy uncertainty.
Barclays Plc is poised to lose around £400m of the £3.8bn capital it invested over the past decade into South Africa’s leading retail bank, Absa.
John Battersby analyses the reasons for what he describes as President Jacob Zuma’s greatest blunder, exposing the personalities who played the key roles in taking the country to the edge – and those who helped drag it back from the abyss.