The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Banks face up the growth ceiling

South Africa’s big banks have first-world management, technology and systems but operate in an emerging market where growth prospects are poor and the future is uncertain. They’re seeking ways to grow without risking the bank.

It was a striking coincidence. On the same day in early July, two events were taking place on two continents that encapsulate the dilemma faced by South Africa's top banks. In Durban, South African president Thabo Mbeki, was hosting the inauguration of the African Union (AU) - outlining a vision that proposes South Africa as the powerhouse for an economic renaissance of the African continent.

Despite the unsettling presence of Muammar Gaddafi and Robert Mugabe, African leaders were pledging themselves to a new era of governance, accountability and cooperation - using the AU and the New Partnership for African Development (Nepad) to launch a drive to bring prosperity and growth to a continent racked by poverty and misery.

Five thousand miles away, in London, Stephen Kosseff - the chief executive and founder of Investec, South Africa's fifth-largest banking group - was outlining a rather different vision for his own institution.

Starting a roadshow ahead of the bank's listing in London, Kosseff was talking about the transformation of Investec into one of the world's leading specialist banking groups - with more of its assets, earnings and capital located outside South Africa than at home.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree