Bank of Baroda leaving South Africa‚ Reserve Bank confirms

Bank of Baroda was said to have transgressed its own rules by being significantly exposed to one client

Bank of Baroda was said to have transgressed its own rules by being significantly exposed to one client

The Bank of Baroda has officially notified the office of the Registrar of Banks of its intention to exit South Africa.

"The Registrar, which is part of the Sarb, is in discussions with the Bank of Baroda to ensure its orderly withdrawal from South Africa so that no depositor is disadvantaged", Sarb said in a terse statement.

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Han, however, is not convinced it means anything, saying what North Korea wants most is to reduce pain from worldwide sanctions. The U.S. has said it would accept dialogue with the North if it shows willingness to give up its nuclear weapons program.

Bloomberg reported in October a year ago that the SARB was investigating Baroda over money held for companies controlled by the politically connected Gupta family. Judge Tati Makgoka granted an interdict against the bank‚ prohibiting the lender from deactivating or closing the banking accounts of the Gupta businesses‚ or from terminating the banker-customer relationship.

It tried to shut the accounts in 2016, but was ordered by the courts to keep the accounts open after Gupta-owned or linked companies successfully argued that the closure would unfairly impact its businesses, as all other South African banks had already blacklisted accounts associated with the family.

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Hallyday, who was born in Paris , shot to fame in in the 1960s, when he was credited with bringing Rock "n" Roll to France. Hallyday, whose real name was Jean-Philippe Smet, was often referred to as "the French Elvis".

The Indian-based company retained Gupta accounts after South Africa's big four banks cut ties with the controversial famnily.

The Bank of China also closed Gupta-linked accounts.

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North Korea reportedly staged a military parade in Pyongyang a day before the start of the South's Winter Olympics . It's too early to tell (although skeptics are already shaking their heads at all of the above).

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