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Article: U.S. banks venturing back into South Africa; recent political change sets off a wave of investment by American companies.
- Article from:
- American Banker
- Article date:
- January 30, 1997
- Author:
CopyrightCOPYRIGHT 1997 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Bankers like to say that where there's volatility, there's opportunity.
Following that maxim, U.S. banks have headed back to South Africa, a country they largely abandoned in the 1980s after intense international pressure on the former South African government to repeal racially restrictive laws.
Since South Africa gained majority rule in 1994 under the leadership of President Nelson Mandela, a host of U.S. banks - including Citicorp, J.P. Morgan & Co., BankAmerica Corp., Bankers Trust New York Corp., and First Union Corp. - have flocked back to pursue a wide variety of businesses. Other financial firms, including credit card associations Visa and MasterCard, ...