Ubank has been placed under curatorship with immediate effect. Reserve Bank Governor Lesetja Kganyago made the announcement on Monday. #DStv403
JOHANNESBURG - Ubank has been placed under curatorship with immediate effect.
South African Reserve Bank Governor Lesetja Kganyago says this was done to mitigate consequences for Ubank depositors.
“After considering the seriousness of the issues facing the bank and given that Ubank is unlikely to meet its obligation as required by the Banks Act, the Minister of Finance together with the Prudential Authority has decided to place Ubank on the curatorship with immediate effect," said.
"This is being done proactively to mitigate consequences on Ubank depositors and to preserve the stability of the South African banking and financial services as a whole.”
The bank will continue to operate.