The Role of Financial Markets in South Africa’s Economic Future

Citi Country Officer and Banking Head, South Africa, André Ross, delivered the following opening remarks at Citi Markets’ Cocktails & Conversation reception, held on 7 October 2026 in Sandton. His speech reflects on the role of financial institutions in supporting South Africa’s economic development, enabling investment and strengthening the country’s financial ecosystem.

Opening Remarks by André Ross
Citi Country Officer and Banking Head, South Africa

Good evening, everyone, and welcome.

It is wonderful to have so many friends, clients and colleagues together this evening.

There is something particularly appropriate about taking a step away from the Bloomberg screens, models and the day-to-day noise of markets to spend some time together.  Markets move quickly, and our jobs demand that we stay close to what is happening minute by minute. But every now and then, it is prudent to step back and remind ourselves why the work we do matters.

Citi has been part of South Africa financial markets for over a century.  As the largest international bank in the country, we are enormously proud of that history. But more importantly, we remain deeply committed to South Africa’s future and to playing an enabling role in its economy.

For us, that starts with you, our clients.

When we talk about One Citi, I think about it quite simply: our ambition is to deliver the firm to our clients.

Because our clients don't experience their challenges through the organisational structures of a bank.

You are thinking about how to manage risk in an increasingly volatile world.  How to access well priced funding and deploy capital.  How to safely custody the hard-earned assets entrusted to you. How to facilitate seamless cross-border flows and trade. And increasingly, how to make sense of geopolitical and economic events that seem to be shifting beneath our feet daily.

At Citi, our role is to understand those challenges and bring the best of Citi, locally and across our global network, to help you navigate them.

But I think there is a broader conversation worth having tonight.

In my humble opinion, South Africa once again finds itself at a seminal moment in our young history.  As our democracy continues to mature, one could argue that there is an ongoing contest for the soul and future direction of our country. While it is easy to think of that debate as belonging primarily to politicians or policymakers.

I don't believe it does.

Just look around this room.

We have representatives from five of the ten largest banks in Africa. We have some of the continent’s largest institutional asset owners. We have colleagues from one of the most credible and sophisticated central banks anywhere in the world, custodian of our country's foreign exchange reserves. And we have the CEO of the largest and most liquid stock exchange on the African continent.

Collectively, we are custodians of the deepest, most robust and competitive financial and domestic capital markets in Africa.

And with that privilege comes responsibility.

We would be remiss if we tried to deny the charge of stewardship and thought leadership that comes with the positions we occupy.

To all of us falls, in different ways, the responsibility to help corporate, civil and sovereign leaders navigate uncertainty. To be trusted partners in protecting and growing the wealth of South Africans. And ultimately, to help catalyse the conditions in which businesses, communities and people can grow.  Sometimes the connection between what happens in our markets and the lives of ordinary South Africans can feel distant.

But it isn't.

When we help fund ports, rail, energy and other critical network infrastructure through the debt we buy, that matters.

When we enable parents to save towards the tertiary education of their children through our investment products, that matters.

When we help a farmer safely manage the risks associated with exporting produce, or enable a family to purchase its first home or car, that matters.

When we help a South African mining company expand its operations internationally, access capital or manage its risks across borders, that matters too.

Because behind all of our daily activities are businesses growing, families building wealth, entrepreneurs investing and, ultimately, thousands of jobs being created, sustained and protected.

The work that all of us in this room do, directly and indirectly, touches the quality of life, ambitions and aspirations of ordinary South Africans every single day.

And I think we should remind ourselves of that from time to time.

Don't become so lost behind the Bloomberg screens, the spreadsheets, the basis points and the daily volatility that we forget the responsibility we have the privilege of carrying.

That is also why evenings like tonight matter.

We have some exceptional expertise in the room. You will hear perspectives on global markets, capital flows and the forces reshaping the world around us. And Richard Mulholland will, I suspect, challenge some of our comfortable assumptions about what comes next.

I do hope tonight is more than just a series of presentations. I hope it creates conversation.

Engage openly with the speakers and one another.

Challenge the perspectives you hear. Compare experiences. Ask difficult questions. Share ideas.

Because some of the most important thinking in our industry doesn't begin with a finished answer.

It begins with a challenged assumption, a different perspective. A conversation that plants the seed of an idea.

Those ideas, those relationships and that willingness to keep challenging one another are part of what has created the strong financial ecosystem we have in South Africa today, and all of us have a responsibility to continue strengthening it.

So tonight, enjoy the conversation. Agitate a little. Challenge one another. Learn from the extraordinary experience gathered in this room.

And perhaps, take a moment to reflect on the much bigger purpose behind the work we are all privileged to do.

Thank you for joining us and enjoy the evening.