SARB ‘putting interests of Ubank costumers first’
The South African Reserve Bank has reassured Ubank's customers, saying it wants to protect them by putting their interests first.
Governor Lesetja Kganyago on Monday announced that the bank's been placed under curatorship with immediate effect.
Accounting firm, KPMG's now overseeing operations, following concerns about the bank's capital adequacy, which's at around 3% - well below the average 20%.
The bank has about 4.7 million accounts that mainly belong to mineworkers and their families who rely on the institution for savings and payment transactions.
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"The institution is going into curatorship, that is the instrument we have to protect you as depositors. The bank is still open for business.
"The curator will step in, assess further what to the extent that there is a shortfall in the capital and the curator will then work with the management of Ubank to make sure that the institution is stabilised and that the interests of the depositors are protected."
