Banking group FirstRand says a leaked internal memo warning of increased social unrest, looting and clashes ahead of the 2024 elections is just a business-as-usual risk assessment and not a forecast or baseline expectation.
FirstRand circulated the memo various operating entities, such as First National Bank, WesBank and Rand Merchant Bank on Monday. “The group’s security team issued an internal note as part of its normal risk monitoring processes,” it said. “This note was an outcome of this process and does not present a forecast of the baseline expectation.”
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