trending Market Intelligence /marketintelligence/en/news-insights/trending/lzrx8owrclagkafu4cksjq2 content esgSubNav
In This List

Update: South African President Zuma resigns


Banking Essentials Newsletter: 17th April Edition


Banking Essentials Newsletter: 7th February Edition


Insurance Underwriting Transformed How Insurers Can Harness Probability of Default Models for Smarter Credit Decisions

Case Study

A Bank Outsources Data Gathering to Meet Basel III Regulations

Update: South African President Zuma resigns

South African President Jacob Zuma stepped down from his post after his ruling party called for his exit and warned of a no-confidence vote against him, Reuters reported.

Zuma, who has been plagued by corruption scandals in his nine years in office, announced his resignation in a televised national address after the African National Congress, or ANC, said it would support a no-confidence motion sponsored by an opposition party.

While he heeded the ANC's resignation order, Zuma said he disagreed with how the party had tried to oust him.

"Even though I disagree with the decision of the leadership of my organization, I have always been a disciplined member of the ANC," he said.

In a statement, the ANC said Zuma's resignation "provides certainty to the people of South Africa."

ANC's chief whip Jackson Mthembu earlier said the party planned to elect Cyril Ramaphosa, deputy president of South Africa and leader of the ANC, as president of the country.

The ANC's executive committee on Feb. 12 told Zuma to resign as head of state within 48 hours. Pressure had been mounting on Zuma to end his second term as president a year early since Ramaphosa's election as leader of the ANC in December 2017.

The South African rand gained 2.14% to 0.0854 U.S. dollar as of 4:34 p.m. ET.