There are now more than ten foreign banks with formally established branches or subsidiaries in South Africa, and more than 60 international banks with representative offices in the country. These foreign banks provide enhanced competition for the South African banks, particularly in the field of wholesale banking, international trade financing, and in the market for foreign exchange.
I hope AIBEA, which has a long tradition of dealing with the strong private bank managements, will ensure this change in outlook in the banking trade union movement in the country, thereby improving the corporate governance in the banks and also bringing in greater financial inclusion and better customer protection.