S. Africa's Phosa Sees Bank Aid If Needed, Business Day Says

By Antony Sguazzin

Oct. 15 (Bloomberg) -- South Africa's government would help local banks if they were affected by the global credit crisis, said Matthews Phosa, the treasurer general of the ruling African National Congress party, Business Day reported.

``Were South African banks to come under pressure, the South African government would intervene strongly to protect them,'' Phosa said in Cape Town, the newspaper reported. Phosa is not currently a member of government.

South African banks are ``well regulated and well capitalized,'' Trevor Manuel, the country's finance minister, said on Oct. 10.

To contact the reporter on this story: Antony Sguazzin in Johannesburg at asguazzin@bloomberg.net

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