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Posts Tagged ‘Absa’
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October 22, 2018

SA REMAINS AFRICA’S TOP PICK FOR FOREIGN INVESTORS

SA is still the most attractive financial market for international investors in Africa, according to the Absa Africa financial markets index.

The country remained in the top position for the second year running with a score of 93 out of 100, supported by strong financial market infrastructure and a robust legal framework.

Despite this, the report warns that SA’s macroeconomic performance deteriorated in the past year as it plunged into recession for the first time since the global financial crisis, exposing SA to “rising financial risks”.

This could result in the country being challenged for the top spot by the likes of Kenya, Nigeria and [...]

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September 4, 2018

JUDGES GIVE BANKS A GRILLING OVER HOME REPO PRACTICES

A full bench of the Johannesburg High Court sat last week to deliberate on how and when reserve prices should be applied before repossessed homes are sold at sheriffs’ auctions.

For several legal and human rights groups admitted as friends of the court, this is a pivotal case to decide whether the banks’ right to recover a loan supersedes constitutional protections to dignity and property.

Things did not go well for the banks, who were berated by the judges for arriving in court without proper paperwork, expecting the courts to grant judgments against clients who were behind on their mortgage payments. This follows a number of cases where homes were repossessed by banks [...]

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August 2, 2017

Capitec is now the second biggest bank in South Africa

Absa recently published its interim results for the six months to 30 June 2017, showing a 7% rise in its half-year profit – despite the economic downturn.

The bank also broke down its current client figures, reporting a slight year-on-year drop in total banking customers in South Africa from 9.5 million in June 2016, to 9.3 million in 2017. Transactional customers were down from 6.25 million to 5.95 million, and business customers were down to 352,000 from 366,000 previously, the bank said.

Looking at total retail customers, though, Absa reported its number of retail customers at 8.65 million, continuing the slow decline seen in previous reporting periods. At June 2016, [...]

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July 31, 2017

Absa website security upgrades on the way

Absa has informed clients that it will upgrade its security in the coming weeks to make online banking “even safer.” It stated that users do not need to re-register, and that none of their login details or other credentials will change.

“Cybercriminals employ increasingly sophisticated methods to access customer Internet banking information through email phishing, SIM swaps, and other methods,” said Absa’s chief executive for customer channels Marius de la Rey.

De la Rey told MyBroadband that Absa has invested heavily in a comprehensive and robust suite of information protection measures. It is also rolling out enhanced security to its customers using smartphones to [...]

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