BNP Paribas closes South African investment bank

It is the latest example of a European bank scaling back on the continent. — Bloomberg

JOHANNESBURG: BNP Paribas SA has closed its corporate and investment bank in South Africa, the latest example of a European bank scaling back on the continent.

“We can confirm that we have closed BNP Paribas CIB in South Africa,” a spokesperson for the bank said. “From a legal perspective, the approval from the regulator came in April 2024.”