Meeting with bank bosses 'a milestone'

THE Competition Commission said yesterday that Finance Minister Pravin Gordhan's meeting yesterday in Pretoria with the chief executives and chairmen of banks was a "milestone".

THE Competition Commission said yesterday that Finance Minister Pravin Gordhan's meeting yesterday in Pretoria with the chief executives and chairmen of banks was a "milestone".

Issues under discussion included recommendations of the banking inquiry panel of the Competition Commission, international developments on financial regulatory reform, remuneration practices and incentive structures in banks, credit extension trends and financial access and transformation.

The banking inquiry, established in 2006, found among others that the country's bank charges were among the highest in the world.

"It's certainly a milestone and a lot of thought and work went into the post-inquiry period to arrive at this point," Competition commissioner Shan Ramburuth said.

A statement detailing what was decided at the meeting would be issued today, the National Treasury said. - I-Net Bridge

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