A former senior executive of the scandal-ridden VBS Mutual Bank has revealed that a branch manager was ordered to make a R3 million payment to fund the national congress held by the SA Communist Party (SACP) last year, allegedly in exchange for the party’s silence on the bank’s relationship with the controversial Gupta family.

City Press can reveal that Vele Investments, which is the majority shareholder of the soon to be defunct bank, used one of its subsidiary companies to pay the SACP’s R3 million bill for the use of facilities at the Birchwood Hotel & OR Tambo Conference Centre in Boksburg, Ekurhuleni.

The senior executive, who was at the centre of the bank’s activities and has requested anonymity, has told City Press how Vele Investments – VBS’s parent company – conspired to use a subsidiary company account to conceal the link to the SACP payment.

The senior executive’s revelations are the first to draw the SACP national office into the VBS saga after it fiercely denied any links to the bank.

 

The ANC has already admitted that it received R2 million from VBS, and has undertaken to pay the money back.

The senior executive alleged this week that a senior SACP official demanded a R3 million payment from former VBS chairperson Tshifhiwa Matodzi to stop making “noise” about VBS’s relationship with the Gupta family.

In January last year, almost a year after the country’s four major banks closed the accounts associated with the Guptas, VBS announced that it was following suit after discussions among the bank’s bosses.

Months later, the SACP learnt that VBS had allowed Gupta entities to open new business accounts.

The senior executive detailed how Matodzi ordered the branch manager to make a R3 million payment a day before the start of the SACP’s national congress.

“On July 6 2017, he [the branch manager] got a WhatsApp message from Matodzi saying that he must make a payment of R3 million for the SACP national congress.

"Matodzi told him that he was getting pressure from SACP leaders to have that payment done because the SACP congress was starting the following day.

“He was instructed to move R4 million from Vele Investments’ bank account to MML Food Services’ bank account.

"From there, R3 million was directly transferred into the Birchwood Hotel & OR Tambo Conference Centre’s bank account with the reference of the SACP. This was done to ensure that it cannot be traced.”

MML Food Services is a subsidiary of Vele Investments, which was a majority shareholder in VBS. Matodzi, who was the chairperson of both VBS and Vele, is the central character in the VBS scandal.

Matodzi and his associates have been positively identified as the main beneficiaries of the massive fraud at VBS.

In the explosive forensic report released by the SA Reserve Bank last month, which was authored by Advocate Terry Motau, MML Food Services is mentioned as one the companies that received a R19 million deposit and a R17.5 million facility from sister company VBS.

Matodzi declined to comment yesterday, saying: “I have no comment on anything that has to do with VBS.”

The chief executive officer of MML Food Services, Ronald Letsoalo, and Birchwood Hotel & OR Tambo Conference Centre director Jazzman Mahlakgane ignored repeated requests for comment.

The senior executive also revealed that the system had to be programmed to allow the R3 million to go off and be available in the next bank immediately.

“We had to make the payment with RTC [real time clearance]. The intention was to silence SACP leaders from exposing Gupta accounts with VBS,” the senior executive told City Press.

According to the senior executive, a branch manager has the authority to make a payment of up to R1 million.

Any amount above that has to be authorised by the senior executives at the corporate office level.

Another insider within VBS said it appeared that the SACP leaders and VBS executives reached an agreement that R3 million would be paid to cover the costs of the SACP’s national congress.

“It means that there was a prior arrangement. Delegates at the SACP congress enjoyed water and food paid for by VBS,” the insider said.

The senior executive said all the transactions done by the branch manager were ordered by Matodzi.

“He would say to the branch manager via WhatsApp or telegram [a secure communications mechanism]: ‘Pay this much to this account.’ All the things the branch manager had paid for were because he got an instruction from Matodzi.”

The senior executive said the branch manager told investigators about the payment that was made on behalf of the SACP.

“They interviewed him. He told them about the payment he was ordered to make on behalf of the SACP. They omitted to mention that SACP benefited from VBS in the report.”

However, SACP national spokesperson Alex Mashilo denied that the party received money from VBS or Vele Investments.

When asked yesterday about the sponsors of the SACP’s national congress last year, Mashilo said: “It comes across as a generally fishing question to ask who has ever made a donation to the SACP.

“At its special national congress held in July 2015, the SACP published a financial report for the period dating back to its 13th national congress held in July 2012.

"The report published a number of details, including an assessment of SACP membership fees and levies. It also identified a number of donors, of whom the core are trade unions.

"The next financial report, which was made available at the 14th national congress of the party in July 2017, categorised the sources of income received with due regard to the rights of all parties.”

Mashilo said that the party’s record spoke for itself.

“It is utterly unfair to make a sweeping allegation against SACP leaders. The SACP has many leaders. The allegation is obviously senseless 
and dismissed with contempt.

"The SACP is on record [as saying] that, should any incontrovertible evidence of corruption involving the complicity of its members emerge in any scenario, the party will take decisive against that member,” he said.

This week, the SACP in Limpopo suspended its provincial secretary and former Capricorn District Municipality mayor Gilbert Kganyago, whose council illegally deposited R60 million into VBS when he was in charge.

Mashilo said the party had been consistently vocal against the Guptas.

“It is common knowledge that the SACP has been consistently vocal and mobilising against the Guptas’ capture of state authorities in particular and capture of the state in general. The party will not stop, but deepen this just struggle,” Mashilo said.

Matodzi, along with his co-directors and his friend Robert Madzonga, stands accused of facilitating the looting of nearly R2 billion at VBS.

ANC leaders, notably ANC Limpopo deputy chairperson and Vhembe District Municipality mayor Florence Radzilani and treasurer Danny Msiza were also implicated in the Motau report into the VBS scandal.

Radzilani is mentioned in the Motau report as having complained that she “only” received R300 000 for ensuring that millions deposited by the Vhembe District Municipality into VBS were not withdrawn.

Radzilani wrote to ANC secretary-general Ace Magashule last week to deny any involvement in the VBS investment.

Msiza is challenging the report in court.

 

Source: News24

The rand has seen strong gains in recent days – rallying from R15.04/$ to R14.22 in a week.
 
Here are some of the main reasons for its current run:
 
1. Delay in the Moody’s announcement
There was apprehension ahead of the credit rating agency’s latest decision on South Africa’s sovereign debt rating, which was expected last Friday.
 
Moody’s is the only credit rating agency that has kept South Africa at investment rating. But the agency decided not to announce its decision, which is now only expected after the medium-term budget next week.
 
If SA lost its investment rate grade from Moody’s, it would have cost the country its place in the most important group of government bonds. The Citigroup’s World Government Bond Index contains only bonds that are investment grade. 
 
All the massive investment funds that track the index would have been forced to sell their South African government bonds. It has previously been estimated that foreigners would have to sell South African bonds worth R200 billion. This would have lowered the value of our bonds, and make it much more expensive for government to borrow money to keep the country afloat.
 
2. Donald Trump’s attacks on the Fed
The dollar has been taking strain amid the US president’s repeated attacks on his country’s central bank. Trump does not like the fact that the US Federal Reserve is hiking interest rates.
 
 "I think the Fed is making a mistake. It's so tight. I think the Fed has gone crazy," Trump told reporters last week. 
 
Higher interest rates make a currency more attractive: investors in that currency earn a higher rate of return.
 
3. Weaker US inflation
A central bank will hike interest rates to protect an economy from inflation. But the latest US inflation numbers, released last week, show that September inflation is now only 2.3% - from 2.7% in August and 2.9% in July
 
 “I think the Fed will continue on its gradual interest rate hiking path. But for now there seems to be less risk of a sharper-than-expected Fed interest rate hiking cycle,” Arthur Kamp, economist at Sanlam Investments, told Business Insider SA.
 
4. The Mboweni effect
Kamp believes the biggest reason for the rand strength is the appointment of Tito Mboweni as minister of finance.
 
“In policymaking, good track records are important. Of course, Mboweni does not have a track record yet in fiscal policy, but he has a good track record in monetary policy.
 
“Inflation targeting was first implemented (successfully) during his tenure as Reserve Bank governor. From this perspective the Treasury’s support of the current inflation targeting regime and the Reserve Bank’s mandate is likely to continue.
 
“That’s important because in a time of currency volatility the central bank is the anchor for inflation expectations and the currency.
 
“If the bank does what is needed (unfortunately that sometimes implies interest rate hikes) to keep inflation expectations anchored at a low level then there is a good chance the currency will settle – over time,” Kamp said.
 
5. The rand was oversold
Sanisha Packirisamy, an economist at Momentum Investments, believes the rand was unfairly sold off over recent weeks, as the market lumped South Africa with Turkey and Argentina. South Africa is in healthier shape than these countries, she believes.
 
“SA’s current account deficit is smaller than that of Turkey (...) and it has a credible and independent central bank.
 
“Assets in Brazil and SA (and more recently in countries which have done significant amounts of structural reform, including Indonesia, India and the Philippines) have been sold given the depth and liquidity of their markets.
 
“As such, these countries acted as proxies for the countries which experienced economic mismanagement in the last while and were unfairly sold off,” says Packirisamy.
 
When markets are worried about emerging markets, the rand gets hit first because it is a very liquid currency.
 
This means that traders know they can get in and out of the rand very quickly as there are massive amounts being traded in the rand every day. In fact, the rand is the 20th most traded currency in the world – it attracts much more action than the currency of Poland, with an economy 60% bigger than the South African GDP.
 
6. More hope for emerging markets
For a long time, emerging market currencies have been shunned amid concerns about Turkey and Argentina.
 
But a new Bloomberg survey among more than twenty fund managers shows there are more professional investors who are bullish about the prospect of emerging markets, than those who are negative:
 
Forecast for the rand:
Analysts polled by Bloomberg at the end of last month, expected the rand to end the year somewhat weaker than at current levels. The median forecast for the rand versus the dollar by year-end is R14.75.
 
Paul Makube, senior agricultural economist at FNB Agri-Business, thinks that the medium-term budget statement, which will be released on 24 October, will provide some direction for the rand.
 
 
Source: Bloomberg news
So far this year, tax collections seem to be much stronger than expected, which may mean that South Africans will be spared big tax hikes in February’s Budget, says PricewaterhouseCoopers (PwC).
In recent years, government earned much less tax than it expected: the tax shortfall in its budget reached R49 billion last year.
 
This resulted in massive tax hikes over the past two years. In the Budget this year, South Africans were hit with an estimated R36 billion in new taxes.
 
“For the first time in a number of years it is looking likely that further significant tax increases may not be required in the February Budget, something that the government would want to avoid in an election year,” says Kyle Mandy, tax policy leader at PwC.
 
“The good news is that revenue collections for 2018/19 are looking surprisingly good (compared to forecasts) based on the data available to the end of August, despite the economy being in a technical recession,” says Mandy.
 
As at the end of August, total gross tax income was up 11.2% compared to a forecast increase of 10.6%, suggesting collections are on track to exceed the budget revenue forecast in the year ending March 2019.
 
This is largely due to strong VAT income, which grew by 19.5% by August, compared to the budgeted growth of 16.8% for the year, said PwC.
 
VAT was hiked from 14% to 15% in February. Import VAT, which is growing at almost 15% - almost double the forecast growth – is also contributing. And income from the fuel levy, which currently represents some R3.37/litre of the inland petrol price of R17.08, is supporting tax income. 
 
Personal income tax, the single largest source of tax revenue, is looking on track to meet the forecast. Mandy says that this is due in part to the higher-than-budgeted public service wage agreement, which will add R7 billion to the government budget.
 
“This is not a reason to celebrate as it will be net negative for the budget balance unless steps are taken to keep expenditure within the expenditure ceiling set out in the Budget.”
 
It is clear that companies are struggling: by August, corporate income tax was up only 2.8% compared to a forecast of 6.5%.
 
“The big question is what the outlook looks like for the rest of the financial year. Unfortunately, it is difficult to see much in the way of upside, but plenty in the way of downside risks to the forecasts,” Mandy warns.
 
Risks to tax income:
Personal income tax should remain stable for the rest of the year, but corporate income tax could come under more pressure as company profits suffer.
 
Tax income could be hurt even more if government announces in the mini-budget next week that white bread, sanitary products, school uniforms and nappies will be VAT-free from now on. An expert panel has recommended that these products should be free from VAT.  This could shave off up to R6 billion in tax income.
 
 
Source: Business Insider
The rand has been on a seesaw over the past 24 hours hitting above R15 to the US dollar.
 
Currently the rand is at High R14.60 Low R14. 57 to the greenback.
 
The rand has been under pressure for the past few weeks with ratings agencies Moody’s and Fitch citing continued political uncertainty.
 
Rising US interest rates have also had a profound effect on the rand which has plunged to levels last seen in 2016.
 
The local currency has also been volatile this week with economists concerned about the medium-term budget speech later this month.
 
All eyes will be on former Reserve Bank governor and now Finance Minister Tito Mboweni with rating agencies calling for more stability and transparency at the highest level.
 
 
Source: News24
The poor are carrying the burden of State Capture through the VAT increase, a Parliamentary committee has heard.
 
This is just one of the criticisms raised by several organisations and industry representatives before Parliament’s Standing Committee on Finance at a hearing on the VAT panel report on Wednesday.
 
The report, published in August, is the work of an independent panel that reviewed the current list of items exempted from VAT and proposed new items to be zero-rated. The panel was constituted after then Finance Minister Malusi Gigaba announced in February that the VAT rate was to increase by one percentage point from 14% to 15% to raise an additional R22.9bn. 
 
1. The poor are paying for State Capture
 
Neil Coleman, who represented the Institute for Economic Justice, said that SA has to try to find ways to plug revenue shortfalls as tax collection has lagged. This problem has further been exacerbated by State Capture, which has reduced revenue to the fiscus.
 
“It should not result in punishment of the poor. We had nothing to do with that failure,” he said. The SA Revenue Service has experienced two successive years of tax shortfalls: R30bn in 2016/17 and R49bn in 2017/2018. 
 
Similarly, trade union federation Cosatu believes the one percentage point VAT hike punishes the poor for the “sins of the rich”. The federation insisted that government has other options to address revenue shortfalls. It wants the state to “stamp out corruption” and set out how it will recover stolen funds.
 
2. Unlikely VAT hike will be rescinded during the mini-budget
 
The Budget Justice Coalition was among the organisations calling for the VAT hike to be rescinded. But committee chair Yunus Carrim pointed out that the mini budget, set to be delivered on October 24, has already been set and it is unlikely that any decisions would be implemented then.
 
Cosatu proposed that government purchase and distribute sanitary pads to clinics, hospitals, no-fees schools and tertiary institutions.
 
“Government has done it with feeding schemes and condoms. Girls should not be disadvantaged because of a normal cycle of life,” said Cosatu’s Parliamentary coordinator Matthew Parks.
 
The Budget Justice Coalition also proposed that government invest in providing sanitary products to poor women and girls – as this will ensure that they will directly benefit from the zero-VAT status, while richer households can continue to buy the sanitary pads. Sanitary pads were one of the items that the VAT panel proposed be zero-rated. 
 
4. More protein needed on the zero-VAT list
 
The Budget Justice Coalition, which represents several other organisations, raised concerns over the lack of protein on the zero-VAT list, a concern as malnutrition and protein deficiency leads to stunting and anemia. It suggested peanut butter and soya mince be included on the list.
 
The South African Poultry Association pointed out that chicken accounts for 13% of food expenditure for lower-income households, and supported the inclusion of whole fresh or frozen chicken products and portions. 
 
5. VAT hike simply unaffordable for the poor
 
The Pietermaritzburg Economic Justice and Dignity Group collected data on the impact of the VAT hike by tracking a basket of 38 foods, 20 of which are subject to 15% VAT, the committee heard.
 
In August 2018, the total cost of the basket was R3 009. Foods subject to VAT accounted for 55% of the basket - or R1 654. The VAT on the foods amounted to R215, or 7.2% of the entire basket, said the group's Mervyn Abrahams. This equal to the price of a 35kg of maize meal which poor and working-class households buy each month.
 
Taking into account the recommendations of the VAT panel, the savings on the food basket for August 2018 would equal R40.81, bringing the total cost of the basket to R2 968. Abrahams said this was roughly equivalent to the median wage of a black South African worker, which is R3 000.
 
“That is just food alone - therein lies the problem,” he said. SA households are not getting sufficient income, and that the problem is not just simply a question of zero-rated items, he said. 
 
6. Food choices must be expanded
 
Geoff Penny of the Baking Association of South Africa weighed in on making white bread zero-rated. He said this decision would enable poor consumers to choose the product they prefer.
 
Poor consumers should be given the opportunity to shop with dignity, the baking association’s submission read.
 
Similarly, Dr Ziyanda Majokweni of the Broiler Organisation argued that whole chickens should not be subject to VAT - as opposed to just having portions like chicken feet and gizzards zero-rated. This would give consumers more choice, she told the committee. 
 
7. Double take on current list
 
Lionel Adendorf of FairPlay criticised the fact that the current list 19 zero-rated items was not reviewed. If there were a thorough review of the list the panel would have taken some items off the list, and would have included new household items which are being used by these poorer households, he argued.
 
The PwC’s VAT Partner Lesley O’Conell also echoed views that the current list should be reconsidered to include ones that are consumed by the poor.
 
The committee's chairperson Yunus Carrim called for Treasury to interrogate the submissions more seriously than they had previously.
 
 
Business Insider.

Deep and liquid local debt capital markets have reduced the need for South African companies to borrow abroad, making them less vulnerable to a financial crisis than peers in Turkey and other emerging markets, according to Moody’s Investors Service.

Large external financing needs and a plunging currency are proving a toxic mix for Turkey’s corporate sector. But in South Africa, companies have enough access to local funding, and those that have turned to foreign debt used hedging strategies to cushion the effects of short-term currency fluctuations or buy time to adjust to long-term rand weakness, Moody’s said in a report dated 12 September.

 

In addition, most foreign borrowing by South African companies has been driven by offshore expansion and the debt is serviced with cash flows generated in the same currency, creating a natural hedge to currency weakness, the report said.

“Currency volatility in emerging markets has been one of the key focus areas for investors this year, particularly in terms of how it affects credit risk for companies,” Moody’s analysts lead by Dion Bate said in the report. “Despite continued rand volatility, we expect the credit quality of most South African companies we rate to remain broadly stable during the next 12 to 18 months.”

 
 

Foreign exposure

About 38% of South African non-financial corporate debt is denominated in foreign currencies, according to Moody’s. That compares with 56% for Turkey, or an amount of $336bn, almost triple the borrowers’ assets, according to data compiled by Bloomberg. The lira’s 40% slump this year will make servicing those loans more burdensome, lowering capital spending and GDP growth.

Moody’s expects the rand to remain volatile over the next year, driven by how successful the government is in implementing economic reforms, as well as global factors including the US policy path, trade tensions and emerging-market turmoil. That will complicate the operating environment and investment decisions for South African companies, Moody’s said.

News24

The International Monetary Fund (IMF) has raised its growth projection for the Sub-Saharan Africa’s economy to 3.8 percent in 2019 from 2.8 percent in 2017, implying 0.1 percentage point increase compared with its April, 2018 projection.

The fund also upgraded Nigeria’s 2019 Gross Domestic Product (GDP) by 0.4 percentage point to 2.3 percent.

The IMF disclosed this in its World Economic Outlook (WEO) Update for July 2018 titled “Less Even Expansion, Rising Trade Tensions” released on Monday.

According to the release, the upgraded forecast “reflects improved prospects for Nigeria’s economy” and supported by the rise in commodity prices.

The global monetary authority said Nigeria’s growth is expected to rise from 0.8 percent in 2017 to 2.1 percent in 2018 and 2.3 percent in 2019 on the back of an improved outlook for oil prices.

But, it left its 2019 growth prediction for South Africa unchanged at 1.7 percent, South Africa is Africa’s most-industrialized economy and hasn’t grown at more than 2 percent a year since 2013.

Nigeria and South Africa’s economies account for about half of the Africa’s GDP.

In May, the National Bureau of Statistics (NBS) released the GDP report for the first quarter of 2018 indicating that Nigeria economy grew by 1.95 percent from 2.11 percent recorded in Q4 2017.

“Despite the weaker‑than-expected first quarter outturn in South Africa, the economy is expected to recover somewhat over the remainder of 2018 and into 2019 as confidence improvements associated with the new leadership are gradually reflected in strengthening private investment,” the fund said.

Nigeria’s economy is recovering after it plunged into recession in 2016 after a drop in the prices of crude oil in the international market, owing to its over dependence on the oil, the country’s main source of foreign exchange earnings.

Credit: TheRipples.com

Absa unveiled its new look on Wednesday, including a colour scheme that claims a wider spectrum of red. The bank has effectively been chained to the staid Barclays brand for more than a decade – so when Barclays ditched it, it decided to make deep changes.

Absa is even changing the voice that answers those who phone into its call centres, on top of 27,000 different forms and a total of some 500,000 "artefacts". Absa on Wednesday morning finally showed the world the new logo it has been so secretive about (although that leaked) and the colour scheme it will now be using (though that too leaked).

But in coming months customers will find changes to the massive bank's identity will run far deeper than that, down to the way it answers the phone.

Absa has recorded more than 10,000 individual items for the interactive voice systems used in its various call centres, says group marketing head David Wingfield.

Watch: A secret rehearsal of Africa's first ‘drone fireworks’ for Absa's big reveal today
"We are going for a friendlier tone, with slightly younger voices and different intonation," he tells Business Insider South Africa.

Those recordings are on top of the 27,000 different forms Absa uses that will now have to be replaced – and the 345,000 branded pens, notepads, lanyards and pieces of clothing it had made to introduce the new look.

In total Absa will be replacing some 500,000 different "artefacts", says Wingfield, ranging from TV ads to the signs used inside branches.

Those changes will take some 10 months to complete, with three branches and 15 ATMs scheduled to be rebranded per day.

Using friendlier, younger voices alongside a more "digital" logo is all part of moving away from Absa's past, says Wingfield, which has kept its brand shackled for more than a decade.

British bank Barclays first moved in on Absa a decade ago, and it has not changed its look and feel since.

After Barclays dumped Absa in a shakeup of its global approach, the local bank decided it needed to leapfrog all the changes that had come to the world – and marketing – since then.

"The old Absa and Barclays were much more austere and serious," says Wingfield. "The world now is younger, digital. That's what we're trying to capture."

Along the way, Absa expanded its colour range around the "passion red" of its logo. Using everything from pink to orange "makes us more playful," says Wingfield, but it is also just sensible. Every cell phone and computer screen will display a slightly different shade of red anyway; trying to keep to a pure brand colour is a lost cause.

So Absa's logo button will always be either "passion red" on white, or white on red, but there will be many other warm hues in its branches and in some of its ads.

Including all the forms and all the signs used in some 620 branches scattered throughout the country.

With that kind of scale and spread there will be "something of a lag" until each instance of the Absa brand is updated, says Wingfield.

 

Source: The Insider

SBV is offering a R1 million reward for information on a cash-in-transit heist that left two guards dead in Tsolo, Eastern Cape, on Friday.

It said in a statement that it took exception to loss of life and was offering the reward for information that would lead to the successful arrest and conviction of those involved.

Police spokesperson Brigadier Vishnu Naidoo previously told News24 that the guards were loading money at an ATM machine near a supermarket when a group of armed men pounced on them.

Naidoo said the suspects fled with an undisclosed amount of money in a hijacked van.

 

SBV said two of its guards were killed. The driver of the van was unharmed.

Counselling was being offered to those affected.

The company was also offering R100 000 rewards for information on heists that took place in Pietermaritzburg and Hammanskraal on Monday.

Security company Fidelity said on Saturday that despite figures indicating a reduction in cash-in-transit incidents during the month of June, it could be a different story for July.

"This week alone, there have been four cross pavement incidents and three vehicle attacks – one of these occurred in the Eastern Cape and two in Bloemfontein which is worrying as the crime could simply be dispersing into other areas," said Wahl Bartmann, CEO of Fidelity Security Group, in a statement.

Police officials on Friday welcomed the reduction of cash-in-transit robberies in the June figures, saying the implementation of the South African Police Service's nationwide stabilisation programme was paying off.

"These robberies have been reduced significantly by 61% in the month of June 2018, compared to the month of May 2018," Police Minister Bheki Cele and national police commissioner General Khehla John Sitole said in a joint statement.

More than 40 suspects had been arrested since June 4, 2018.

"Four of these suspects rank among the top 20 of identified suspects wanted for similar crimes," the statement read.

Cele and Sitole noted that despite the reduction in incidents, there had been several robberies and attempted robberies on cash-in-transit vehicles in the past week.

 

Source: News24

Absa is relaunching its brand next week. Last week it applied for new trademarks.
This is it's new (if still officially unconfirmed) logo – though we still don't know what it is doing with all the colours suddenly popping up.
Absa is due to relaunch its brand next week, but trademark filings show what its new logo will look like.

Absa applied for two new trademarks on 27 June, which now form part of public records, first spotted and reported by BusinessTech.

Absa has been using the word "digital" a great deal during 2018, and the new registrations have a distinctly digital feeling to them.

Absa has been dropping pointed hints towards its new identity since March.

It has also been using a range of colours in internal presentations since March – which seemed to have no meaning until similar colours started appearing on an in Absa headquarters in Johannesburg this week.

How the colours relate to the new identity is not clear, and as before Absa has resolutely refused to comment or answer questions.

However, Business Insider South Africa understands that staff in South Africa have been briefed about the new banner under which they will be working, and have kept the plans quiet to date.

Absa CEO Maria Ramos said in March that the new approach "will have something new and something old" "with an identity fit for the modern, new and forward-looking businesses we are creating."

"We are bringing Africa into Absa," she said.

 

Credit: Business Insider

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