Reserve Bank withdraws permission for BNP Paribas to operate an SA branch
PARIS, FRANCE - NOVEMBER 21: NOVEMBER 21: Pedestrians pass a BNP Paribas branch on November 21, 2012 in Paris, France. Moodys Investors Service has downgraded France, stripping it of its prized AAA credit rating and said further downgrading could be on the way.
Deputy governor of the SARB, Fundi Tshazibana, who is also the CEO of the PA, announced the withdrawal in a notice in the Government Gazette published on 19 April. The withdrawal took effect from 8 March with notice given under the Banks Act.. That allowed it to convert its representative office, based in Melrose Arch in Johannesburg, into a full commercial branch offering corporate and investment banking services.
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