Login Subscribe
Press Release
Published October 31, 2017
View complete press releases list

Barclays Africa and Standard Bank drop McKinsey as it faces bribery allegations in South Africa

Date: October 31, 2017
Categories: Governance, Markets Exchanges, Transaction Banking
Keywords: Barclays Africa, Standard Bank, McKinsey, South Africa


Barclays Africa and Standard Bank said they would stop working with McKinsey, a further blow to the global consultancy as it faces allegations of bribery for work done with friends of South African President Jacob Zuma.

Privately-held McKinsey, the world’s largest management consultancy, has denied doing anything illegal but said this month that it was embarrassed by mistakes it made while working with South African state utility Eskom last year.

McKinsey said it regretted working on a 1.6 billion rand (£86m) contract at Eskom alongside a company controlled by the Gupta family, wealthy friends of President Zuma who are accused of unduly influencing Government contracts.

President Zuma and the Guptas deny wrongdoing.

Barclays Africa and Standard Bank told Reuters in separate emailed responses to questions that they would terminate their relationships with McKinsey without giving reasons.

McKinsey declined to comment.

Re-disseminated by The Asian Banker from The Independent