Africana Periodical Literature 
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 Periodical article |
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| Title: | Foreign banks, exchange controls and the future of the four pillars bank policy in South Africa |
| Author: | Gidlow, Roger |
| Year: | 2008 |
| Periodical: | South African Journal of Economic History |
| Volume: | 23 |
| Issue: | 1-2 |
| Pages: | 28-61 |
| Language: | English |
| Geographic term: | South Africa |
| Subjects: | commercial banks banking monetary policy |
| External link: | https://doi.org/10.1080/10113430809511207 |
| Abstract: | The re-entry of Barclays Bank into South Africa via the takeover of Absa Bank in 2005 and the potential for at least one other international bank to absorb one of the three remaining large commercial banks at that time started to focus attention on the future of the four pillars bank policy in South Africa. This policy entailed keeping four large independent commercial banks, namely Absa Bank, FNB, Standard and Nedcor. At the same time the re-entry of Barclays in effect marked a return of foreign bank involvement in South Africa. The presence of foreign banks had started to grow in the 1990s following a period from 1970 onwards when foreign banks downgraded their role in the local banking system in response to government initiatives to restrict the entry of new foreign banks into the country. There is a case to be made for allowing increased entry of foreign banks into South Africa, in particular for allowing increased foreign ownership of the big four banks, which would reverse a long-standing policy. And in South Africa's case, foreign banks' perceived lack of support for domestic policies has in the past held true for the government rather than the domestic monetary authorities. Foreign banks would also have played a bigger role in the local banking sector over the last 45 years if there had been no exchange controls. Ref. [ASC Leiden abstract] |
