The high concentration of South Africa’s banking sector has been increasingly contested by organisation’s like Black First Land First.
A second parliamentary hearing on transformation of the financial sector on Wednesday nearly ended in a fist fight.
In March, Deputy Reserve Bank Governor Kuben Naidoo told the standing committee about the risks of having just six banks represent the country’s banking division.
More than 91% of the banking sector is represented by just six banks, Absa, Nedbank, First National, Standard, Investec and Capitec.
The Banking Association of South Africa's (Bassa) Cas Coovadia has repeated sentiments for a more diverse banking sector.
We have challenges of inclusion, bringing more people into the system and I think the way to do that is to have a more diverse financial sector.— Cassim Coovadia, Managing Director of COSAB
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