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SA is Africa's hub of private banking - report

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Harare - South Africa is the hub of private banking in Africa with holdings worth about $72bn, according to a recent report.

A Research and Markets report entitled The Africa 2016 Wealth Report identifies South Africa - mainly Johannesburg - as the continent's biggest centre for private banking. The country is the continent's second-largest economy after Nigeria, but has witnessed currency weakness in the past few months.

Its financial sector is anchored by strong banks such as Barclays Africa [JSE:BGA], Standard Bank [JSE:SBK] and Nedbank [JSE:NED] among others that have spread their tentacles further into African markets.

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