Investec admits Steinhoff exposure could make 3pc dent in profits

Investec said it has "immaterial exposure" to South African retail giant Steinhoff International, which caused alarm for its lenders after its shares fell 80% last week, though though some derivatives exposure could put a dent in profits. Investec explained that it does have credit exposures to the Steinhoff Group but that this is mostly to Steinhoff Africa and represents less than 3.0% of South Africa subsidiary Investec Bank's total tier-one capital and so less than 1.5% of the Investec Plc's ...

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