PROFILE
From strength
to strength
From its humble beginnings 21 years ago, The Banking Association South
Africa (The Banking Association) is looking to an even more eventful and
fruitful future as it continues to play an integral role in the development of the
country’s financial sector, says MD Cas Coovadia.
J
ust over two decades The Banking Association
South Africa has grown to develop the industry and
the country.
Started as the Council of South African Banks
(COSAB) in 1992, The Banking Association has
undergone a series of changes to its profile and membership, and
also initiated and participated in major policy initiatives by the
government to grow, strengthen and protect the financial sector in
general, and the banking sector in particular.
The Banking Assosciation’s MD Cas Coovadia says that the
organisation’s achievements are evidenced by among other
accolades – South Africa’s banking sector being rated by the World
Economic Forum Competitive Survey for 2012/13 as second out
of 144 countries in terms of soundness, and third in terms of the
development of its financial sector.
As a result of the organisation’s involvement, Coovadia says the
banking sector is playing a major role in the broader socio-economic
growth strategy of the country, including promoting wider financial
inclusion, financial literacy and responsible lending by banks.
Through its Teach Children To Save South Africa programme The
Banking Association is also involved in instilling a saving culture
in South Africa, whose gross national savings are the lowest among
the BRICS countries.
Local bankers agree that The Banking Association’s achievements
have been instrumental in the development of South Africa’s financial
sector, which now contributes about 10,5% to tour GDP with assets
to the value of over R6 trillion. The banking sector’s assets alone
represent just over 50% of total financial services sector assets.
Mike Brown, the Group CEO of Nedbank, believes The Banking
Association has come of age since its humble beginnings in 1992.
While banks in South Africa compete
strongly with each other in the client
environment, there are also benefits that
can be derived for the industry from
collaboration in the non-competitive
environment, and The Banking Association
plays a key role in facilitating this.
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BANKER SA
Subbed Banker 6 BASA at 21.indd 8
Edition 6
2013/07/18 8:04 AM