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Investors are looking for transparency and more in infrastructure development in Africa, says a managing director for Europe, Middle East and Africa at Citi Bank.
Citibank's price-fixing matter will be heard by the Competition Tribunal in March after it agreed to pay a R69.5m settlement.
Citibank is pleased after agreeing to a penalty of almost R70m to settle a probe accusing the US bank of participating in an alleged cartel to manipulate the value of the rand.
This year’s mini budget is more critical than ever for two main reasons: credit rating reviews and the tumultuous political backdrop against which it will take place.
Taking refuge in bank stocks is the way to go on the basis that the sector is cheap and may be able to pass on higher rate costs to clients, say investors.
The banks charged with colluding in the trading of the rand have hit back at the Competition Commission, saying the allegations are “vague and embarrassing” with not enough detail being given for them to prepare a defence or decide how to plead.
The ANC Women’s League has called on the Competition Commission to cancel a settlement it reached with Citibank over the financial institution’s participation in collusion.
Citibank has agreed to pay an administrative penalty of R69.5m for being part of the forex trading cartel.
The South African Reserve Bank expects the inflation outlook to improve, but it won't be cutting rates too quickly, says an analyst.
A class action over fees charged by financial institutions including Citibank and Westpac on behalf of all their customers has been filed in an Australian court.
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