Stephen Koseff takes over as Banking Association Chairman

13 May 2010 Banking Association Chairman

Investec CEO Stephen Koseff has taken over the Chairmanship of the Banking Association South Africa (BASA) from the recently retired Nedbank CEO, Tom Boardman.

This development was announced at the Banking Association of South Africa’s Annual General Meeting addressed by struggle stalwart Ahmed Kathrada.

According to Cas Coovadia, MD of the Banking Association South Africa, Koseff comes with a wealth of experience in the banking industry and will add significant strategic input to enable The Banking Association to address the broad spectrum of issues pertinent to the banking sector, from the regulatory response to the recent crisis to transformation issues.

“Stephen’s Chairmanship comes after many years of his participation in the processes of the Banking Association. He takes over at a time when the local banking sector has withstood the worst of the global financial crisis. We believe his guidance will be critical as we engage on critical industry issues such as the Companies Act, amendments to Basel II and our ongoing transformation strategy,” he says.

Koseff lauded BASA’s performance in the past year and believes that there is still much to be done in driving the regulatory and legislative process affecting the banking sector and more importantly making banking accessible to all South Africans.

“The South African banking industry is one of the best in the world and has stood firm under the challenging recessionary period. However, looking ahead BASA will focus its attention on consolidating our constructive working relationship with the government in order to assist in tackling the countries socio-economic challenges,” says Koseff. He also emphasized the position of the SA banking sector in the latest World Competitive Report, and the success of SA banks in other countries.

“This will be achieved through continuously improving our banking systems and reviewing and implementing the recommendations of the Competition Commission, amongst other things. A steering committee convened by National Treasury, including the Competition Commission committee, has been engaging the Banking Association and individual banks on the recommendations.

“The ongoing efforts by the industry in transformation issues will continue to be a priority.

“With recent developments in the R1 billion rand guarantee fund tabled in the budget of the Department of Human Settlement, BASA has made it a key priority to cooperate with Minister Tokyo Sexwale to finding innovative but practical ways of making housing loans affordable to the often sidelined gap market, within the context of addressing other issues like serious supply-side constraints.” he says.

“Substantial progress has been made in the debt restructuring process through structures such as the NDMA. This will become even more critical as the economy enters a recovery phase,” he concludes.

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