Standard Bank sees credit applications increase
The World Cup has boosted applications for credit card bank accounts in South Africa, the head of Standard Bank has said.Speaking to correspondents in Johannesburg today (July 1st), Head of Standard Bank's Card Division Leila Fouire said the football tournament is "buoying the general psychology of the nation", Bloomberg reports. "Spend patterns are improving," she remarked, adding lower interest rates "helps with [the] affordability".
Ms Fouire stated the number of credit accounts opened in the first half of 2010 was up 30 per cent year-on-year, while fraud also fell by the same percentage when compared to the same period in 2009. She added Standard Bank is "cautiously optimistic" about growth of its credit card products during the second half of 2010.
The bank, which is the largest in South Africa, operates in 17 other African nations and also has a presence in a further 16 countries outside the continent under the Standard Bank Group name.