Standard Bank Group joint CEO Sim Tshabalala warned that persistent racial inequality and racism were a risk to South Africa’s stability and, ultimately, its economic growth. The country’s competitiveness is “badly eroded by incomplete transformation and by racism,” Tshabalala said in a message to staff at Africa’s largest bank by assets, published by the Johannesburg-based Rand Daily Mail Internet news site Tuesday, the contents of which were confirmed by the lender.
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