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Parliament’s Portfolio Committee on Trade, Industry and Competition Summons SA’s Big 5 Banks

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South Africa’s five major commercial banks—Standard Bank, First National Bank, Nedbank, ABSA, and Investec—may be summoned to Parliament early next year to explain their policies. Mzwandile Masina, Chairperson of the Trade, Industry and Competition Committee, announced this at a briefing on the committee’s progress under the seventh administration. Masina criticized banks for decisions that seem arbitrary, highlighting concerns over credit practices and banking charges. Lerato Mbele spoke to Mzwandile Masina, chairperson, Parliament’s Portfolio Committee on Trade, Industry and Competition and Kokkie Kooyman, director and portfolio manager at Denker Capital.

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