We have noted the unfounded claims made on Twitter by an individual stating that Standard Bank discriminates against clients based on race when pricing its products. We refute these irresponsible, slanderous and untrue tweets. Standard Bank does not price any of its products based on race. The determination of interest rates charged on loans is a rigorous process based on multiple factors, none of which is race-based. The samples referred to in the tweet are not representative of the Standard Bank customer base.
It is important to note that both the National Credit Regulator and the South African Reserve Bank keep a close eye on the Bank’s conduct, as it does on all banks. In addition, Standard Bank submits detailed loan pricing information to the National Credit Regulator regularly which has never found any unfair or racially discriminatory pricing practices by the bank. We will continue doing what we consider to be right and consistent with the values of dignity and fairness as well as playing our role in Africa’s growth.