2026 RMB Morgan Stanley | Banks and Insurance Showcase | Feedback

研报英文原文证据摘录

2026 RMB Morgan Stanley | Banks and Insurance Showcase | Feedback

Update

June 17, 2026 03:00 AM GMT

RMB Morgan Stanley Proprietary Limited+MSouth African Financials | Europe James Starke, CFA

Equity Analyst

2026 RMB Morgan Stanley | James.Starke@rmbmorganstanley.comWarwick Bam +27 11 587-0814

Warwick.Bam@rmbmorganstanley.com +27 11 587-0815

Banks and Insurance Showcase | Nicole Player, CFA

Research Associate

Nicole.Player@rmbmorganstanley.com +27 11 587-0807

Feedback

EEMEA - Banks & Fintech

Europe

Industry View In-Line

We held the 2026 RMB Morgan Stanley Banks and Insurance Showcase on the 3rd

of June. Our banking theme was From Volatility to Value: Global Markets as a

Structural Earnings Driver for South African Banks, while the insurance discussion

addressed Unpacking balance sheet, capital, solvency and ALM considerations, with

Santam covering Syndicate 1918 and its balance sheet implications. Our key

takeaways from the meetings follow below, with more detailed company level

feedback set out later in this note.

Banks: Key read-across from the Global Markets meetings was that all four

banks are trying to reduce reliance on pure trading volatility and reposition

Markets as a client-led, balance-sheet velocity and distribution business. The

growth agenda is broadly consistent across the sector: deeper penetration of

existing corporate and institutional clients, more structured/financing revenue, more

originate-to-distribute activity, higher balance-sheet velocity and better

monetisation of Africa corridors. FX remains the largest and highest-velocity

product pool, but is also the most competitive and most exposed to digitisation and

spread compression. Management teams were generally constructive on medium-