Banks are going on the offensive after criticism by politicians of their lending practices and their record on addressing racial inequality. President Jacob Zuma has led attacks on lenders, accusing them of monopolising the financial services industry. He also asked if they colluded in closing accounts of members of the wealthy Gupta family. MPs are due to question representatives of banks on their racial transformation record in parliament. The financial system is becoming a battleground for Zuma's drive for "radical economic transformation" to transfer wealth to the black majority. Banks have exceeded targets agreed with the government and labour unions to be 25% black-owned, 15% of which is directly held by black investors.
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- South Africa
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