London financial sector likely to ‘lose prominence’ following Brexit, says Sarb bulletin
South Africa to watch developments in London closely following Brexit vote
The South African Reserve Bank (Sarb) has said domestic banks will feel the squeeze if London loses its “prominence as a financial gateway to Europe” following its Brexit vote.
In its latest quarterly bulletin, the Sarb takes stock of the risks that could affect the nation’s cross-border banking activities. The central bank highlights how domestic banks’ total holdings of foreign assets continued to exceed their foreign liabilities by a substantial margin at the end of 2016.
“This net lending
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