{"id":907,"date":"2018-02-15T07:03:00","date_gmt":"2018-02-15T07:03:00","guid":{"rendered":"https:\/\/www.antya.ca\/research\/zuma-sacked-pnb-hacked-and-bank-of-baroda-south-africa-axed\/"},"modified":"2026-02-17T06:27:33","modified_gmt":"2026-02-17T06:27:33","slug":"zuma-sacked-pnb-hacked-and-bank-of-baroda-south-africa-axed","status":"publish","type":"post","link":"https:\/\/www.antya.ca\/research\/zuma-sacked-pnb-hacked-and-bank-of-baroda-south-africa-axed\/","title":{"rendered":"Zuma Sacked, PNB Hacked and Bank of Baroda South Africa Axed"},"content":{"rendered":"
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We estimate that Bank Of Baroda (BOB IN) (\u201cBOB\u201d), which is being recapitalised by the government of India via a preferential allotment of equity shares of INR 53.75B (US$ 825M approximately), could take a hit of approaching INR 462M (U$70M) on its exposure to Bank of Baroda South Africa. BOB will also bear the burden of other exit, legal and business wind-down costs. In our estimate, without additional capital infusion or support from the parent, Bank of Baroda South Africa could become insolvent. Thus, SARB is being taciturn to maintain calm at a time of heightened political anxiety in South Africa.<\/p>\n<\/div><\/div>\n<\/div>\n

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The South African Reserve Bank (\u201cSARB\u201d) issued a media advisory on February 12, 2018, informing South African citizens that the Bank of Baroda South Africa (\u201cBoBSA\u201d or \u201cbank\u201d) was shuttering its operations. The bank issued a curt statement outlining its intent to rationalise international operations, thereby justifying the decision to exit South Africa. By presiding over the economic decline of South Africa and getting embroiled in State Capture, Zuma\u2019s presidency tarnished the ANC. It also undermined the pursuit of equal economic opportunity spearheaded by Nelson Mandela.<\/p>\n

In knowingly aiding State Capture, the bank:<\/p>\n