PIVOT POINT: Catch up with Standard Bank CEO.
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Simphiwe Tshabalala is joint Chief Executive of the Standard Bank Group and Chief Executive of Standard Bank South Africa. Tshabalala was born in Hlabisa, a poor area in rural KwaZulu Natal. He grew up in Soweto and obtained his matric from the Sacred Heart College in Johannesburg.
Standard Bank CEO Sim Tshabalala says SA’s potential greylisting by the Financial Action Task Force (FATF), an intergovernmental body that assesses countries’ ability to combat illicit financial activity, would be worse than a sovereign credit downgrade.
“The consequences of being greylisted are worse than downgrading,” Tshabalala told The Clement Manyathela Show on Radio 702 on Thursday. “The rand will weaken, inflation will spike, interest rates will go up ... it will be more expensive to buy food, pay for petrol, buy homes, buy cars. The country can’t afford it.”
Standard Bank CEO Sim Tshabalala says SA’s potential greylisting by the Financial Action Task Force (FATF), an intergovernmental body that assesses countries’ ability to combat illicit financial activity, would be worse than a sovereign credit downgrade.
“The consequences of being greylisted are worse than downgrading,” Tshabalala told The Clement Manyathela Show on Radio 702 on Thursday. “The rand will weaken, inflation will spike, interest rates will go up ... it will be more expensive to buy food, pay for petrol, buy homes, buy cars. The country can’t afford it.”
