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Browsing: South African Banks
Standard Bank, Africa’s largest lender by assets, reported a remarkable surge in interim profit, demonstrating resilience in the face of adversity. The bank’s prudent approach and high-interest rates acted as countermeasures against escalating bad loans, resulting in a notable boost in profitability.…
- South African Banks topped the list of the world’s top 500 most valuable banking brands in Africa according to Brand Finance Banking 2023 report.
- South Africa scooped the first top five spots in Africa headlined by First National Bank ranking at number 155 worldwide albeit a drop from 146 the previous year.
- Kenya’s Equity bank came in 6th position followed by National Bank of Egypt in 7th position while Nigeria’s Access Bank and Zenith Bank followed at 8th and 9th position respectively as Egypt’s Banque Misr closed the regional to ten list.
South African Banks topped the list of the world’s top 500 most valuable banking brands in Africa according to Brand Finance Banking 2023 report.
The report shows South Africa scooped the first top five spots in Africa headlined by First National Bank ranking at number 155 worldwide albeit a drop from 146 the previous year.
Other banks who …
South African Airways (SAA), one of Africa’s iconic airline, which currently operating under-loss, could resort in cutting-routes to save the state-owned flag carrier, SAA rescue team revealed.
Several news outlets, including Bloomberg, noted that SAA administrators have defended their decision to cut-routes, even after several objections from South African President Cyril Ramaphosa, the government and labor unions.
According to a report by Reuters, under South African company law, the business rescue team is entitled to take decisions that are deemed necessary to turn a distressed company around, independently of government. In theory, it could ignore the government’s objections.
Bloomberg reported that South African Airways will halt service to nine international cities, including Hong Kong and Sao Paulo, and cease all local services except those between Johannesburg and Cape Town.
The move is “in the best interests of SAA,” joint administrators Les Matuson and Siviwe Dongwana said in an emailed statement …