Deputy President Paul Mashatile is leading a South African delegation on a tour of the UK to strengthen economic ties and attract investment. The visit comes as two major international banks, BNP Paribas and HSBC, are pulling out of South Africa.
BNP Paribas and HSBC have decided to vacate their South African operations and announced that they would be leaving this year, subject to regulatory approval.
Mashatile noted that a priority for the GNU was addressing poverty and the high cost of living in SA and strengthening bilateral partnerships in several sectors with the UK. “Our people voted for us to collaborate to create better employment opportunities and equal economic growth in all facets of society. The GNU is the best tactical option for us to move the country ahead, putting our differences aside for the benefit of our great nation,” he added.
Kokkie Kooyman, executive director & portfolio manager at Denker Capital said that the loss of these two banks will have a major impact on South Africa’s ability to get new foreign capital.“It is sad, it is really sad because Africa and South Africa need capital to grow. We do not have enough capital ourselves,” Kooyman said.
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