BNP Paribas, the sixth-largest bank in the world, is no longer operating as a bank in South Africa.<\/p>\n\n\n\n
The French company, which has \u20ac415 billion (R8.2 trillion) in assets under management, was given permission to conduct business as a bank in South Africa by means of a branch in 2012, allowing it to offer corporate and investment banking services. <\/p>\n\n\n\n
However, the group has since started scaling back from its non-core operations across Africa to focus on Europe and Asia instead. <\/p>\n\n\n\n
In a government gazette signed by Prudential Authority CEO and South African Reserve Bank Deputy Governor Nomfundo Tshazibana, BNP Paribas’s ability to conduct the business of a bank via a branch was withdrawn with effect from 8 March 2024.<\/strong><\/p>\n\n\n\n Despite technically no longer operating as a bank in South Africa, BNP Paribas is still the owner of credit provider RCS. <\/p>\n\n\n\n In 2022, the group reportedly hired<\/a> Barclays to sell RCS as part of its wider scaling back, but the RCS website still states that BNP Paribas owns it. <\/p>\n\n\n\n Investor narrative<\/strong><\/p>\n\n\n\n BNP Paribas is one of several international companies exiting South Africa, but the overall narrative that investors are turning sour on South Africa may be overblown. <\/p>\n\n\n\n