South Africa’s Standard Bank weighs ties with McKinsey, SAP

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The logo of South Africa's Standard Bank is seen above the company's headquarters in Cape Town, South Africa May 6, 2016. REUTERS/Mike Hutchings/File Photo

JOHANNESBURG (Reuters) – South African lender Standard Bank is considering whether to cut ties with its IT software supplier Germany’s SAP and consultant McKinsey, it said on Friday.

SAP and McKinsey, along with KPMG, are ensnared in an influence-peddling scandal involving the Gupta family, who are close friends of President Jacob Zuma.

The Guptas and Zuma have denied any wrongdoing.

“We will not continue these relationships unless we receive satisfactory explanations and are certain that necessary and proportionate remedial action is being taken,” Standard Bank said in statement.

The bank has said it is considering cutting ties with KPMG.

Reporting by Tiisetso Motsoeneng; Editing by James Macharia

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