South African banks urged to support economic recovery

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FILE PHOTO: The buildings with the logos of three of South Africa's biggest banks, ABSA, Standard Bank and First National Bank (FNB) are seen against the city skyline in Cape Town, South Africa, September 3, 2017.REUTERS/Mike Hutchings/File Photo
FILE PHOTO: The buildings with the logos of three of South Africa's biggest banks, ABSA, Standard Bank and First National Bank (FNB) are seen against the city skyline in Cape Town, South Africa, September 3, 2017.REUTERS/Mike Hutchings/File Photo
Spining

South African banks have a vital role to play in the country’s recovery by supporting the small and medium sized businesses which are engines of economic growth and employment creation, said First National Bank (FNB) on Thursday.

“This pandemic has reminded all of us and especially within the business banking sphere, that we are not in this industry to merely be product providers,” said Zak Sivalingum, FNB commercial regional director.

“Therefore, while our offering is built on an extensive range of compelling working capital, trade finance, commercial property and asset finance solutions, these ultimately exist to allow us to give effect to our purpose – which is to help build, and currently rebuild, our country through strong client partnerships underpinned by innovative funding structures and solid, appropriate advice,” he said.

Sivalingum said the banks have to understand the needs of their clientele and assist them accordingly when assessing the risk.

“COVID-19 has served, or at least should serve, as something of a wake-up call for bankers about the real reason they do what they do,” he added. Enditem

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