FirstRand Group does not share the South African Government’s enthusiasm for Russia

Despite the FirstRand Group recording strong half years results today Goup CEO Alan Pullinger in his forward looking statement highlighted that there are significant risks in the wider system. Pullinger is very concerned about the geopolitical risk currently facing South Africa and in particular the country’s banking sector. The Firstrand Group CEO says that our government’s open support for Russia, which is increasingly being called out by our major trading partners could have extremely negative consequences for South Africa which benefits far more from trade with and investment from the USA, UK and Europe than from Russia.

Pullinger further added that the South African banking sector, including the South African Reserve Bank crucially relies on access to the US dollar, global clearing and settlement, which he says is a privilege and can be revoked at any time. Notably he concluded that FirstRand does not share government’s enthusiasm for Russia.

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