The Latest Example of a European Bank Scaling Back on the Continent

BNP Paribas SA has closed its corporate and investment bank in South Africa. An April 19 notice shows South Africa’s central bank withdrew the French lender’s authorisation to “conduct the business of a bank by means of a branch” with effect from March 8. “French banks’ 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. 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.

SOURCE: MONEYWEB