Why International Banks struggle in SA.
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GUEST – Wayne Mccurrie – Independent Analyst
FirstRand has received regulatory approval to acquire the South African client base, employees and certain banking assets and liabilities of HSBC’s local branch, the banking group announced on Tuesday.
HSBC’s exit come as international banks scale back their operations in Africa more broadly, with Barclays, Standard Chartered, and Societe General cutting their footprints on the continent.
FirstRand has received regulatory approval to acquire the South African client base, employees and certain banking assets and liabilities of HSBC’s local branch, the banking group announced on Tuesday.
HSBC’s exit come as international banks scale back their operations in Africa more broadly, with Barclays, Standard Chartered, and Societe General cutting their footprints on the continent.
