The country’s big four traditional banks – Absa, FNB, Nedbank and Standard Bank – have together shut 695 branches since their respective peaks in the earlier part of this decade.
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An exodus of CEOs during the economic downturn is becoming alarming, particularly as there are apparently so few ready replacements.
From free burgers and ride-hailing services to hip-hop concerts and discounted petrol: South African banks are going all out to win customers as competition hots up.
The decision by Standard Bank to close 91 branches and cut 1 200 jobs is not at all surprising – the only surprises were that the bank announced it publicly and that it did so before elections in May.
Absa Group has successfully migrated its banking platform, used by its subsidiaries, from the UK, where it was run by Barclays, to South Africa.
A South African company embroiled in allegations that it paid millions of rand a month in bribes to secure government contracts is facing collapse.
Maria Ramos will retire as Absa Group CEO at the end of February, the financial services group said on Tuesday. Ramos has been at the helm for the past decade.
Shareholders at an unprecedented number of JSE Top 40 companies have, in the past year, voted against remuneration policies and/or their implementation.
Samsung’s tap-and-go payments platform, Samsung Pay, is now live in a trial phase for Standard Bank customers. This follows the soft-launch of the service earlier this month with Absa.
Samsung Pay went live in South Africa on Tuesday in beta form, with Absa clients getting exclusive access and Standard Bank to follow “soon”. Nafisa Akabor put it to the test.