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FirstRand Wants to Cut its Cost-to-Income Ratio More Than Peers
JOHANNESBURG (Capital Markets in Africa) – FirstRand Ltd. wants to be the first large South African bank to bring its cost-to-income ratio below 50 percent as pressure mounts on local lenders to manage expenses amid weak revenue growth. South Africa’s largest lender by market value is focusing on its insurance, and wealth and investment management businesses to sell more products to its client base. It’s also spending funds on improving operations in its sub-Saharan Africa units…
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