The news that the global giant Goldman Sachs has obtained a banking license in SA is bad for the transformation of the banking sector. Colin Coleman has recently resigned as Sub Sahara African CEO of Goldman Sachs. He was a front man in the CR17 campaign and one of the financial contributors to the slush fund. Once Ramaphosa became President, Colin Coleman started gloating about the banking license for Goldman Sachs.
Goldman Sachs Group. got approval from South African regulators to operate a bank, as the Wall Street firm seeks to tap into fast-growing economies on the continent. The company also became a member of the Johannesburg Stock Exchange’s interest-rate and currency-derivatives market, Goldman Sachs said. It will offer fixed-income products, foreign exchange and South African government securities, to corporate and institutional investors. Goldman Sachs appointed Jonathan Penkin as head of the local business.
Goldman Sachs acts as a financial intermediary between the entities that need to raise money and the entities that have money to invest. The entities can be corporations, financial institutions, investment funds, governments, and high net-worth (HNI) individuals. In addition, Goldman Sachs also provides financial advisory to these entities. The financial advisory services include mergers and acquisitions, divestitures, restructurings, spin-offs and risk management, and corporate defense activities.
IFC, Business Partners Limited and Goldman Sachs 10,000 Women Partner to Support Women-Owned Businesses in South Africa
Johannesburg, South Africa, Dec 17, 2019
IFC, a member of the World Bank Group today announced a R600 million ($41 million) investment in Business Partners Ltd. (BUSINESS/PARTNERS) to strengthen women-owned businesses in South Africa and help create tens of thousands of jobs.
The loan to BUSINESS/PARTNERS—one of Africa’s leading business loan and equity providers and 2019 Gold winner: SME bank of the year (Africa)—will enable more women business owners in South Africa to access capital. BUSINESS/PARTNERS estimate its on-lending to smaller businesses will help create 55,000 jobs by the end of 2023.
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities where they are needed most. In fiscal year 2019, we delivered more than $19 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit http://www.ifc.org
If you are still holding out for a state bank or the nationalization of the South African Reserve Bank (SARB) under Cyril Ramaphosa, you are deluding yourself. Ramaphosa is delivering left, right and center to those who organised the R1 billion for his CR17 campaign to buy the African National Congress (ANC) Nasrec conference. All the donors and advisors are benefiting at the expense of the people of South Africa (SA). The ANC’s resolution on the nationalization of SARB has no hope in hell. There is no way that the backers of the CR17 are going to allow it. That also goes for land expropriation without compensation.
An interesting related connection is that Tito Mboweni, the current Minister of Finance, is a recent International Advisor of the same Goldman Sachs. This explains to some extent why he has been in the forefront of opposing the Radical Economic Transformation (RET) agenda such as the nationalization of SARB. These insidious corporate relationships go much further. The current CEO of Eskom is from Nampak where Mboweni was chairman of the board.
Coleman has now been gifted with a banking license. He joins a long list of CR17 backers who are benefitting. Johann Rupert has increased his wealth by R11 billion in one year! The Oppenheimers scored R6 billion also in one year. Jabu Mabuza seems to have used a proxy to score a whooping R11 billion tender from Eskom where he was both Chairman and CEO.