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Banking News

The Prudential Authority have handed out a number of fines to big SA banks. This is linked to efforts by government to get SA of the Financial Action Task Forces “grey list”.

The banks and fines are:

Sasfin Bank: R210 million fine

HSBC Bank: R9.5 million fine

Bidvest Bank: R5 million fine

State Bank of India: R10 million fine

Bank of China: R15.25 million fine

 

Recently, after a R60 Million loss, Sasfin decided to shut its Business and Commercial Bank (in 2025), this was after selling its Capital Equipment Finance and Commercial Property Finance business to African Bank for R3 Billion.

They now join 3 other big banks who are pulling out of operations in SA. HSBC is transferring its branch business to FirstRand Bank in 2025. BNP Paribas (which is the 6th biggest bank in the world) also recently decided to stop operating as a bank in SA (and other African countries) and Bidvest Group also recently decided to sell off its Bidvest Bank (and FinGlobal).