As it reported underwhelming results from its UK wealth business, Investec also faces a potential hit of around R700 million as part of a vehicle loan probe in that country.
But the group has downplayed the potential impact of the investigation into vehicle finance commissions in the UK, which may impact its auto lending business in its most important non-SA market.
The niche private bank and wealth manager, whose operations mainly span SA and the UK, said in its annual results on Thursday that it had set aside £30 million (about R701.5 million) for the potential impact of the probe by the UK’s Financial Conduct Authority (FCA).
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