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Morning Briefing

Morning Briefing

South Africa's Public Investment Corporation (PIC), is interested in increasing its stake in Barclays Africa if reports that Barclays is going to sell off its African operations prove accurate, according to South African newspaper Business Day.

Increasing PIC's stake would be "an opportunity for us to reclaim what we sold", its CEO Daniel Matjila said. "It's an opportunity for South Africans to take advantage and create a South African champion."

The PIC, which manages about 1.5-trillion rand in assets for the Government Employees Pension Fund, is the largest South African investor in Barclays Africa, with a 5.44 percent stake.

Although sanctions against Iran were lifted a week ago, banks remain wary of doing business there due to uncertainty as to how US authorities would react, the UK's Guardian newspaper reports.

Meanwhile, the Times of India reports the views of industry experts who say that the country's domestic card service RuPay still lacks visibility in India, despite having more than 230 million customers, and needs to boost awareness of its products through marketing and advertising.

And banks in the UK have been told that they must do more to avert the ongoing tech glitches that cause their systems to crash including spending more money on IT and appointing more directors with technology backgrounds.

"Bank IT systems don't appear to be up to the job. This brings with it not just conduct risk, but also systemic risk. Someone — probably the head of the PRA, needs to assume a leadership role, bring together those most involved among regulators and government agencies, and ensure that there are improvements at the banks," Andrew Tyrie MP, chairman of the Treasury Select Committee said.

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