The big four banks have managed to grow earnings impressively, but enormous challenges remain as SA’s economic outlook continues to deteriorate.
The bank has plans to deconsolidate Barclays Africa Group, which Absa is a part of, and intends to sell down its 62% stake in the business.
Given the deterioration of the continent’s prospects, the question is who would want to take over the bank’s 62% stake in JSE-listed Barclays Africa.
Residential property prices have declined in a big way over the past seven years and there is an increased demand for rental properties as a result.
Moody’s ratings downgrade of South Africa’s four big banks cast the rescue of African Bank in a very different light.
The clothing retailer looks to bolster sales by enabling pressurized consumers to buy more on credit.
Absa says it has stopped all political donations, having previously supported all political parties with three or more seats in the National Assembly.
Capitec Bank is still the cheapest bank in the country, according to a comparative study by trade union Solidarity’s Research Institute.
The bank says improved credit impairments have been the main reasons for higher earnings.
The battle by SA banks for the hearts and wallets of the consumer remains a priority, as financial institutions work to increase their reach.
The ANC has declined to comment on the M&G report claiming Jacob Zuma had more benefactors than previously thought to cover his debts and expenses.
Tokyo Sexwale’s company will score up to R150-million from Absa Bank’s Batho Bonke ‘broad-based’ scheme.
Low-cost Mzansi accounts are losing ground to bank-branded products that are cheaper and more appropriate for low-income customers.
Tokyo Sexwale’s Batho Bonke Capital has sold its stake in SA’s biggest retail bank, exiting one of the post-apartheid era’s highest profile BEE deals.
Some analysts believe the bank’s One Africa policy makes sense but question if it can be done.
Terry Crawford-Browne says Jacob Zuma must appoint a commission of inquiry into Barclays Bank’s 2005 takeover of Absa and its link to the arms deal.
Absa has issued hundreds of staff members with retrenchment notices but it claims it’s in the interests of its clients and a more efficient operation.
Solidarity has shown people getting fired from Absa "Wall Street" style on YouTube and FNB embraces the power of social media during a power crisis.
Absa has denied claims that it plans to fire 3 000 staff members, saying its processes are in line with labour relations best practices.
Absa has denied retrenchment rumours, saying employees affected by its restructuring will be given the chance to apply for new jobs at the company.
South Africa’s R3.2-trillion infrastructure stimulus could come at a hefty price after Moody’s credit rating agency downgraded the big five banks.
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/ 23 February 2012
Banks are sceptical over personal financial management sites due to customers handing over their personal login details to third parties.
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/ 18 February 2012
Auction company Auction Alliance has allegedly been colluding with banks, liquidators and attorneys in a money-making racket.
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/ 17 February 2012
South Africa’s big banks are scrambling to lure the country’s 27-million customers in the mass market with innovative and cheaper product offerings.
Luxury resort development group to explain what happened to millions of clothing workers’ pension money after it was liquidated.
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/ 10 February 2012
South African stocks booked their first weekly decline since the beginning of 2012, falling 1.3% on Friday as investors cashed in resources firms.
Restructuring at Absa by the bank’s global parent Barclays has seen the loss of senior managers and rattled the market.
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/ 2 February 2012
Online personal financial management start-up 22seven claims Absa is blocking its US partner Yodlee from accessing users’ internet bank accounts.
Pennyville residents staged a demonstration outside Absa buildings in the Jo’burg CBD to hand over a memorandum in protest against their eviction.
In the wake of an executive shake-up, and ahead of its official results report, Absa says its full-year earnings likely rose between 18% and 22%.
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/ 27 January 2012
Absa’s top executive structures have been shaken up, with news that three top officials, including its chief operations officer, have resigned.
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/ 13 January 2012
The World Bank has identified South Africa and Tanzania as having some of the highest costs for remittance payments in the world.