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A new payment system that eliminates the dollar in cross-border transactions could save Africa up to $5 billion in processing costs, according to Tunde Macaulay of Standard Bank Group Ltd. The current reliance on US and European banks leads to delays and high expenses for African businesses. The upcoming unified payment system under the African Continental Free Trade Area pact is expected to enhance efficiency in these transactions.
Indosuez Wealth Management, part of Crédit Agricole, is leveraging its global network to attract talent and serve clients, particularly targeting expats and global nomads in Switzerland. With roots dating back to 1876, the bank has recently expanded through the acquisition of Degroof Petercam, managing over 200 billion Swiss francs in client assets. Andrey Batyukov, leading the Swiss operations, emphasizes the bank's selective hiring strategy and the opportunities arising from changes in the banking landscape.
African countries incur billions in additional financing costs due to inflated risk perceptions from credit-rating agencies, according to Standard Bank Group CEO Sim Tshabalala. A UN Development Programme study revealed that these subjective assessments led to $75 billion in extra costs and lost revenue, which Tshabalala deemed “preposterous” and “unconscionable.”
Standard Bank Group Limited
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new payment system could save africa five billion dollars in transaction costs
07:00 06.11.2024
indosuez wealth management expands in switzerland targeting global nomads and expats
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07:50 05.11.2024
ratings bias costs africa billions says standard bank ceo
14:12 28.10.2024
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