Chinese bank may delay South African opening on coronavirus
JOHANNESBURG – China’s Bank of Communications Co. may delay the opening of its South African branch after the outbreak of the coronavirus restricted travel between the countries.
While officials from the lender were granted their work visas last week, there’s a chance that the launch date could be postponed because of a travel ban instituted by South Africa this week, the Shanghai-based lender said in an email. Bank of Communications had previously intended to be up and running in May or June and received all regulatory approvals, including a license from the South African Reserve Bank, earlier in the year.
Planning for the branch largely depends on South Africa’s next steps on its travel policies. President Cyril Ramaphosa announced a raft of precautions to contain infections, including the cancellation of visas, closing of schools and limiting the country’s number entry points. Travel bans were imposed on people who had recently visited some of the hardest-hit nations as the country reported 150 confirmed cases of Covid-19.
Source: iol.co.za