South Africa

Introduction

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At the heart of South Africa's banking system lies a handful of world class financial institutions. The likes of Absa, FirstRand, NedCor and Standard Bank have kept pace with many of the world's most sophisticated banks in their Basel II implementation efforts to date. In fact, the recent acquisition of Absa by the UK's Barclays Group has prompted the bank to push for the advanced internal ratings-based approach, as opposed to the foundation approach. The rest of the country's top-tier banks