Moody’s downgraded South Africa’s sovereign credit rating to junk status on Friday evening and this has left has left government concerned and trembling in its boots to what extent that this might have on the economy. The downgrade coupled with the COVID-19 fears is bringing much stress to the rand as well as the markets. Joining CNBC Africa to unpack it all is Rashaad Tayob, Fund Manager at Abax Investments and Jacques Celliers, CEO of FNB.
First National Bank is reporting 11 per cent growth in profits, profits from the Rest of Africa also up by a substantial 31 per cent. Their digital offerings were the highest performers. Platform-based lending activity FNB provided access, their digital eWallet brought in total estimated value of over R25 billion. Joining CNBC Africa for more is Jacques Celliers, CEO of FNB.
Shoprite has terminated an agreement to buy back deferred shares that are held by its chairman Christo Wiese; this comes after Shoprite failed to garner enough support from its shareholders. The share buy-back deal would have limited the company’s founder Dr Wiese’s, voting rights which currently accounts for 32.2 per cent. Shoprite’s Chairman, Dr Christo Wiese and Wayne Mccurrie from Wealth and Investments at FNB join CNBC Africa for more.
FNB has cut down and simplified their transactional banking product range. During the past months most banks have announced price cuts and new product innovations in order to stay ahead of the competitive game. Christoph Nieuwoudt, CEO of FNB Consumer Segment joins CNBC Africa for more.
Following the World Economic Forum’s Globalisation 4.0 theme this year, the private and public sector was invited to a Fourth Industrial Revolution workshop on the 7th of March at the Industrial Development Cooperation in Sandton. CNBC Africa’s Chris Bishop caught up with Mark Nasila, Chief Analytics Officer of Consumer Banking and Chief Risk Office at FNB and asked him about the future of the digital economy and how the banking sector will be dealing with this.
More than half of the country's middle income people in South Africa spend their monthly salaries in less than five days after getting paid. This is according to data compiled by FNB's retail segment. This report found that due to this a lot of people sacrifices some important areas like saving for emergencies and heavily rely on credit to see them through the month. This research also found that more than 40 per cent of those people have to service debt with more than half of their take-home. CNBC Africa is joined by Wealth Coach and TNC Wealth Partners, Samke Mhlongo.
If you are a homeowner and looking to sell your house, you might be relieved to hear you can fully be part of that negotiating process. This week FNB launched a digital innovation on its App. This will allow homeowners to enlist their homes to prospective buyers directly bypassing some processes. Joining CNBC Africa to unpack this new innovation is Marius Marais, Head of FNB Mortgage Cluster.