Goolam Ballim, chief economist of Standard Bank Group, warned that the power cuts would reduce South Africa's economic growth.

BBC: SA gold mines shut by power cuts

It bought stakes, often with borrowed money, in some of the country's biggest firms, including Standard Bank, Lonmin, and telecom MTN Group.

MSN: Labour leader turned tycoon Ramaphosa eyes South Africa political comeback - World news | NBC News

Not to be left out, Liberty Life, the third-biggest life assurer, is forging a close alliance with Standard Bank, Africa's largest banking group.

ECONOMIST: Demutualisation: All change in South Africa | The

But perhaps the most notable firm outside the BRIC group of countries is Standard Bank of South Africa, run by Jacko Maree since 1999.

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Changes recommended by the ICB will also impact other banks headquartered in the U.K. including RBS Group, HSBC and Standard Chartered Bank.

FORBES: Barclays CEO Hints Of Yanking Bank's HQ Out Of U.K.

"Zhu has served as a role model to other bureaucrats, " says Rana Talwar, group chief executive of Standard Chartered Bank in London, who has met Zhu on several occasions.

CNN: ASIANOW - TIME Asia

On Monday, the Independent Commissions of Banking submitted its final report recommending far-reaching changes to all banks headquartered in the U.K., which has significant implications for companies like Barclays, RBS Group, HSBC and Standard Chartered Bank.

FORBES: ICB Report Gives U.K. Banks Breathing Room But Bites Hard In 2019