{"id":771015,"date":"2024-05-08T08:00:00","date_gmt":"2024-05-08T06:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=771015"},"modified":"2024-05-08T08:27:39","modified_gmt":"2024-05-08T06:27:39","slug":"international-bank-confirms-south-africa-exit","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/771015\/international-bank-confirms-south-africa-exit\/","title":{"rendered":"International bank confirms South Africa exit"},"content":{"rendered":"\n<p>BNP Paribas SA has closed its corporate and investment bank in South Africa, the latest example of a European bank scaling back on the continent.<\/p>\n\n\n\n<p>\u201cWe can confirm that we have closed BNP Paribas CIB in South Africa,\u201d a spokesperson for the bank said by phone. \u201cFrom a legal perspective, the approval from the regulator came in April 2024.\u201d<\/p>\n\n\n\n<p>An <a href=\"https:\/\/businesstech.co.za\/news\/banking\/770665\/international-bank-calls-it-quits-in-south-africa\/\"><strong>April 19 notice<\/strong><\/a> shows South Africa\u2019s central bank withdrew the French lender\u2019s authorization to \u201cconduct the business of a bank by means of a branch\u201d with effect from March 8.<\/p>\n\n\n\n<p>Barclays Plc and Standard Chartered Plc have both scaled back in Africa, while rival Societe Generale SA is also cutting its footprint on the continent.<\/p>\n\n\n\n<p>\u201cFrench banks\u2019 exit from Africa, which is nearing its end, gives emerging pan-African banking groups significant space to grow, either organically or through mergers and acquisitions, Fitch said in an April note. <\/p>\n\n\n\n<p>\u201cThis should stimulate competition and benefit local banking sectors despite some short-term challenges.\u201d<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Read: <a href=\"https:\/\/businesstech.co.za\/news\/business\/770992\/6-shocks-that-cost-south-africa-r850-billion\/\">6 \u2018shocks\u2019 that cost South Africa R850 billion<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BNP Paribas SA has confirmed that it has shuttered its corporate and investment bank in South Africa.<\/p>\n","protected":false},"author":59,"featured_media":649481,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[26],"class_list":["post-771015","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/771015","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=771015"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/771015\/revisions"}],"predecessor-version":[{"id":771016,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/771015\/revisions\/771016"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/649481"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=771015"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=771015"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=771015"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}