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Political parties react to bank collusion case

The ANC says the findings by the Competition Commission have raised doubts about the capabilities, trust & independence of SA’s banks.

Picture: Supplied.

JOHANNESBURG – Political parties have responded to the Competition Commission's announcement that it would be referring 17 banks to the Competition Tribunal for collusion and say now is the time to establish a state bank to serve the people of South Africa.

The African National Congress (ANC) says the findings by the commission have raised doubts about the capabilities, trust and independence of the country's banks.

The Economic Freedom Fighters (EFF) says it will be writing to the South African Reserve Bank to immediately discontinue banking and operating licenses of the banks named.

The Competition Commission has found that 17 banks have been involved in the colluding of price fixing in international markets involving the value of the rand to the dollar.

The commission says the banks named in the findings helped each other reach desired prices by coordinating their trading times and creating fake bids and offers to distort demand and supply.

Both the EFF and ANC say this scandal must be dealt with decisively.

The ANC says corruption in the private sector has been rampant for too long and says now is the time to diversify the financial sector, introduce new players and transform the industry.

The banks named in the case are:

  • Bank of America Merrill Lynch International Limited

  • BNP Paribas

  • JP Morgan Chase & Co

  • JP Morgan Chase Bank NA

  • Investec Ltd

  • Standard New York Securities Inc

  • HSBC Bank Plc

  • Standard Chartered Bank

  • Credit Suisse Group

  • Standard Bank of South Africa Ltd

  • Commerzbank AG

  • Australia and New Zealand Banking Group Limited

  • Nomura International Plc

  • Macquarie Bank Limited

  • ABSA Bank Limited

  • Barclays Capital Inc

  • Barclays Bank plc

(Edited by Tamsin Wort)