Koseff to chair banking association

Johannesburg - Investec [JSE:INL] CEO Stephen Koseff has taken over the chairmanship of the Banking Association of SA (Basa) from the recently retired Nedbank CEO, Tom Boardman.

Koseff came "with a wealth of experience in the banking industry", said Cas Coovadia, MD of Basa, in a statement on Thursday.

The Investec CEO would bring "significant strategic input" to enable Basa to address the broad spectrum of issues pertinent to the banking sector, from the regulatory response to the recent crisis to transformation issues. 

"Stephen's chairmanship comes after many years of his participation in the processes of the Banking Association.

"He takes over at a time when the local banking sector has withstood the worst of the global financial crisis," Coovadia said.

Koseff's guidance would be critical as Basa dealt with important industry issues such as the Companies Act, amendments to Basel II and its ongoing transformation strategy.

Koseff lauded Basa's performance in the past year.

However, he said there was still much to be done in driving the regulatory and legislative process affecting the banking sector and more importantly making banking accessible to all South Africans.

"The South African banking industry is one of the best in the world and has stood firm under the challenging recessionary period.

"However, looking ahead Basa will focus its attention on consolidating our constructive working relationship with the government in order to assist in tackling the countries socio-economic challenges," Koseff said.

He also emphasised the position of the South African banking sector in the latest World Competitive Report, and the success of South African banks in other countries.

South Africa's banking system would be continuously improved and the recommendations of the Competition Commission would be reviewed, he said.

"A steering committee convened by National Treasury, including the Competition Commission committee, has been engaging the Banking Association and individual banks on the recommendations."

Koseff said the ongoing efforts by the industry in transformation issues would continue to be a priority.

"With recent developments in the R1bn guarantee fund tabled in the budget of the department of human settlement, Basa has made it a key priority to co-operate with Minister Tokyo Sexwale to finding innovative but practical ways of making housing loans affordable to the often sidelined gap market, within the context of addressing other issues like serious supply-side constraints," he said.

Substantial progress had been made in the debt restructuring process through structures such as the National Debt Mediation Association.

"This will become even more critical as the economy enters a recovery phase," Koseff said.

  - Sapa