Browsing: Standard Bank

Vodacom is suing Absa for losses of at least R1.2-billion it claims it incurred due to an alleged unauthorised payment from the operator’s accounts to Tanzania’s tax agency last year. It’s also demanding R4.3-billion under a guarantee signed between the parties.

The banking group spent R7.5-billion on IT licences, maintenance and related costs in the 2019 financial year, up 17%, due to the weaker rand and costs associated with its move to the cloud.