Nedbank's Rob Shuter was the first representative of the big 4 banks to testify at the competition commission's banking inquiry public hearings.

While banking in South Africa is competitive there is a need to bring down bank costs, Nedbank's retail managing director Rob Shuter said on Thursday.

"I believe competition is feared in the banking industry and it's growing with increased competition," Shuter said.
Of course they're nervous. No-one enjoys posting lower year-on-year profits. And with performance margins better than pretty well anywhere else in the world, surely serious competition must come one day and end the easy run.

Unsurprisingly, COSATU still believes in the free lunch:

In direct contrast to Shuter's submissions, Jan Mahlangu of the Congress of South African Trade Unions (Cosatu) said bank charges and costs were still too high.

He argued there should be a direct link between bank charges and the cost of the service provided, and that some banking accounts should be free of charge.
After making a fairly sensible statement that bank charges should be related to the cost of provision, why Jan would argue against his own postition by calling for free-of-charge accounts is beyond my limited understanding.
extracts from M&G here