This is the financial sector you write business in
The recent unravelling at international banks like Credit Suisse, First Republic Bank and Silicon Valley Bank (SVB) may have sent ripples through global financial markets, but they do not appear to have the scale to trigger a repeat of the 2008-9 Global Financial Crisis (GFC). This view emerged during a #ThinkBigPSG webinar on the future credibility of South Africa’s financial sector, featuring chair designate at Nedbank, Daniel Mminele. “The SVB collapse came out of the blue and as a shock to the markets; it was, therefore, not surprising that we [saw] nervousness, volatility and in some instances ‘near panic’ in terms of the sell-off in financial markets,” he said.