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South African Banking Survey 2005

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South African Banking Survey 2005 Strategic and Emerging Issues in South African Banking 2005 Edition Contents Foreword 1 Executive summary 3 Market environment 9 Emerging issues 25 Performance 35 Competition and positioning 41 Ongoing issues in banking 49 Peer review 61 Appendices 69 • Methodology • Bank groups • Participants • Background comments on participants • Quarterly DI 900 Analysis of South African Banks – December 2004 • National Treasury media statement on the proposed Barclays/ABSA transition Partners in success – About PricewaterhouseCoopers 85 Contacts for banking services 93 PricewaterhouseCoopers has taken all reasonable steps to ensure that the information contained herein has been obtained from reliable sources and that this publication is accurate and authoritative in all respects. However, this publication is not intended to give legal, tax, accounting or other professional advice. No reader should act on the basis of any information contained in this publication without considering and, if necessary, taking appropriate advice upon their own particular circumstances. If such advice or other expert assistance is required, the services of a competent professional person should be sought. This brochure is printed on Magno Satin Made from Elementally Sustainable Chlorine Forests Free Foreword This is the ninth PricewaterhouseCoopers Findings of particular interest in this year’s survey on banking in South Africa. As in survey include observations on: the previous four surveys, we have once again decided to continue our survey on • foreign bank interest in the Big Four ‘Strategic and Emerging Issues in South banks; African Banking’. • the implementation of the Financial Sector Charter; and This survey has been developed by • progress made by the banks on Basel II. PricewaterhouseCoopers and Dr Brian Metcalfe and builds on the previous Bankers and other readers have in the surveys. New areas include: past indicated that they have found the material useful and we trust that, with the • future foreign bank interest in the Big new areas included in this industry-wide Four South African banks; survey, this remains the case. • black economic empowerment (BEE) funding; and I would like to thank the Chief Executive • the possible re-emergence of the A2 Officers and Senior Executives who banks. participated in this survey for their time, commitment and support in making this The key objectives of this survey remain publication possible. I would also like to to: thank Dr Brian Metcalfe for his work in • raise awareness of strategic and producing this report. emerging issues in banking in South As in the past, we look forward to Africa; feedback on this survey and on topics • establish data on certain industry to be included in future surveys on the trends; South African banking industry. • understand the thinking of Chief Executive Officers in the banking industry; • encourage timely discussion and debate on the best options for capitalising on trends to enhance and Tom Winterboer improve performance of the various Lead Banking and Capital Markets Partner banks; and PricewaterhouseCoopers Inc. • provide perspectives on how banking in South Africa could evolve over the next Johannesburg three years. 18 May 2005 Strategic and Emerging Issues in South African Banking 2005 1 About the author Dr Brian Metcalfe is an Associate Professor in the Business School at Brock University, Ontario, Canada. He has a doctorate in Bank Marketing and is the author of eight reports on foreign banks in Australia, three reports on foreign banks in Canada and one report on Wealth Management in Canada. This is the ninth survey of banking in South Africa. The first three surveys focused on the foreign banking sector, the 1999 survey focused on investment and merchant banking, and the last four surveys, like this one, on strategic issues. In 2001 he prepared, on behalf of PricewaterhouseCoopers, ‘Tokyo, Today and Tomorrow, A survey of foreign banks and securities companies in Japan.’ In 2005 he produced a new report on ‘Foreign Banks in China’. He has also published a variety of articles on international banking and financial marketplace dynamics. He is co-author of ‘Consumer Bank Marketing’, a textbook published for the Institute of Canadian Bankers’ Fellowship Programme. His university courses include Financial Services Marketing, e Business Strategy, Internet Marketing, International Marketing and International Business. He has been employed by the merchant banking subsidiaries of the former National Westminster Bank and Bank of Ireland and has worked in the marketing department of Connecticut Bank & Trust Co. He has consulted for a wide range of organisations, including Royal Bank of Canada, Bank of Nova Scotia, Barclays Bank, Clarica Life Insurance Company, Equitable Life of Canada, and several major consulting firms. In 1999 he taught an executive management course entitled ‘Financial Services Marketing’ at the Graduate School of Business, University of Cape Town. This report was researched and written by Brian Metcalfe, Ph.D. Information presented herein, while obtained from sources believed reliable, is not guaranteed as to accuracy or completeness. This report has been commissioned by and distributed through PricewaterhouseCoopers Inc., Johannesburg. Additional copies of this report can be obtained from Tom Winterboer, Lead Banking and Capital Markets Partner: Financial Services Practice – PricewaterhouseCoopers Inc., 2 Eglin Road, Sunninghill, 2157 Telephone: +27 11 797 5407 Fax: +27 11 209 5407 E-mail: [email protected] ©2005 PricewaterhouseCoopers. PricewaterhouseCoopers refers to the individual member firms of the worldwide PricewaterhouseCoopers organisation. All rights reserved. Designed by PricewaterhouseCoopers DesignStudio SA (5836JE 05/05). 2 Strategic and Emerging Issues in South African Banking 2005 executive summary 3 Background This survey focuses on strategic and The interviews were approximately one emerging issues in South African banking. hour in length and were conducted in Johannesburg during February 2005. Participants are a combination of domestic and foreign banks; they range The domestic participants included ABSA from local niche players to branches of Bank, African Bank, FirstRand Bank, global banks to the Big Four domestic Investec Bank, Mercantile Bank, Nedbank banks. Group Ltd, Sasfin Bank and The Standard Bank of South Africa. The survey attempts to synthesise diverse viewpoints, protect confidentiality and The foreign participants were ABN offer insights into the ever changing AMRO Bank NV, Barclays Bank Plc, financial services environment. Calyon, Citibank NA, Commerzbank AG, Deutsche Bank AG, Dresdner Bank AG, It is based on interviews with managing HSBC, JP Morgan Chase Bank, RBC directors and senior executives of 23 Financial, Société Générale, Standard banks, 15 of whom are foreign-owned Chartered Bank, State Bank of India, The and eight of whom are domestically- South African Bank of Athens and UBS. owned. The participants this year closely match those involved in the 2003 report. 4 Strategic and Emerging Issues in South African Banking 2005 Main findings The following findings are based on the most competitive part of the banking personal interviews with 23 banks, industry. The Retail, Home Loan and which are judged to represent a sound Vehicle Financing sectors are all viewed and comprehensive overview of the as intensely competitive. Competition banking industry. The main findings are appears to have moderated in Internet summarised below: banking. Most important developments Drivers of change The Financial Sector Charter has already Technology has been replaced by New had a major impact on the banking Foreign Entrants as the major driver of industry. Its far-reaching implications, change. In addition to Barclays Bank, alongside a raft of new regulations the interest in the retail sector by other and proposed new legislation, have foreign banks was noted. resulted in significant demands on senior management resources. Human resource Pressing issues development is considered the most While the most pressing issue overall challenging part of the Charter. The costs was Revenue Growth, the domestic of implementation will be significant. banks ranked the significance of New The Big Four were unable to quantify the Compliance Requirements and Other cost, but the cost for four of the smaller Regulations. Compliance and Regulatory domestic banks was estimated to be Constraints are seen as the greatest R380 million. One average-size foreign threat faced by banks at present. bank estimated R20 million. Emerging issues Increased foreign bank interest in South The banks recorded that the BEE funding Africa, the stable currency and robust structures in which they have been economy and the need to address involved reflect a higher than normal level the previously unbanked market have of risk. radically changed the dynamics of the marketplace. Although the Mzansi accounts have been a success, they have very limited Bankers’ criticisms of the financial functionality. system The wider industry, including the foreign Most banks are pessimistic about the banks, continues to criticise what they return of the secondary A2 banks. refer to as the cartel-like behaviour of the Rotation of lead audit engagement Big Four banks. Consumer bank charges partners after every five years is viewed are considered to be too high and in turn as positive, but only a very small minority they permit cross-subsidisation in other of banks believe audit firm rotation is
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