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HSBC Global Research on South African Banks

The key uncertainty: It is impossible to predict how long the significant curtailment
of activities (the shutdown) in South Africa will last. The country took strong action
early on which has kept COVID-19 figures low. The key number to watch is daily
incremental new cases of COVID-19. The risk for banks is that the longer the
shutdown lasts, the larger the resultant bad debt fallout.

Read the report here: HSBC Global Research South African Banks