Sarb puts South African bank into receivership
Central bank concerned by governance at lender owned by union and employers’ trust
South Africa’s central bank has placed a politically connected lender in receivership because of a major capital shortfall.
The South African Reserve Bank said on May 16 that the finance minister had ordered Ubank placed into curatorship, the equivalent of receivership. The Sarb said its officials recommended the move after judging that Ubank was unlikely to immediately meet its regulatory requirements.
Ubank is a small lender, but is closely linked to both a large trade union and the
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