White men pushed to front while a black woman is pushed aside
The afternoon of Sunday August 10 2014 lingers in the memory of many South Africans in the financial services sector. Following the discovery of the disastrous financial state of African Bank, the then governor of the Reserve Bank, Gill Marcus, announced that finance minister Nhlanhla Nene had agreed to a recommendation for the bank to be put into curatorship.
Under the curatorship phase, the Reserve Bank and a consortium of banks - no doubt influenced by the understanding that the loss of faith in one is a loss of faith in all - took the unusual step of saving the institution. The result was the emergence of a good bank that housed all the viable aspects of African Bank...