South African banks are looking at options ranging from debt consolidation to new ways of leveraging equity to avoid defaults when coronavirus-related debt relief measures end, industry officials said.
The title sponsor of South Africa’s Premier Soccer League, ABSA, will not be renewing its sponsorship with the PSL when the contract expires at the end of this season.
ABSA, Nedbank and Rand Merchant Bank have responded to the new charge sheet that the Competition Commission has filed accusing 28 local and international banks of manipulating the foreign exchange rate relating to the Rand.
South Africa’s seasonally-adjusted Absa Purchasing Managers’ Index (PMI) expanded in May with factories gradually restarting activity as the coronavirus lockdown eased, helping to lift production and sales.
Major South African lender Absa said on Monday it had agreed to billions of rands in temporary repayment relief for its borrowers, after the industry said 1.2 million people had applied for help.