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Solidarity dumps Absa as banker

19 Oct 2011

The Solidarity Movement has dumped Absa as its banker and moved 35 accounts to First National Bank (FNB) after it called for tenders from South Africa's four major commercial banks according to Business Live.

It says that the Solidarity Movement moved its investment and money market account to FNB and Capitec last year. Dirk Hermann, deputy general secretary of Solidarity says that the movement did an extensive investigation of the banks to determine which one would offer the best value for money and service.

He says that FNB and Nedbank offered the "best value for money by far" but FNB met more of the movement's requirements. According to Hermann, Absa and Standard were not considered because of their high finance charges.

Read the full article on www.businesslive.co.za.