The Banking Association South Africa (BASA), hosted a board meeting of the International Banking Federation (IBFed), in Johannesburg on October 25 and 26.
IBFed is the representative body for national banking associations. It collectively represents more than 18 000 banks, including more than two thirds of the largest 1 000 banks in the world. Member banks play a crucial role in supporting and promoting economic growth by managing worldwide assets of over €75 trillion, extending consumer and business credit of over €40 trillion across the globe, and collectively employing over 6 million people.
BASA will be the chair of IBFed until the end 2019. As a member of IBFed, BASA lobbies on behalf of emerging markets at the institutions that regulation the global financial system, like the Basel Committee on Banking Supervision and the international Financial Stability Board.