Ubank

South African Reserve Bank Governor Lesetja Kganyago says this was done to mitigate consequences for Ubank depositors. “After considering the seriousness of the ...

JOHANNESBURG - Ubank has been placed under curatorship with immediate effect. Ubank has been placed under curatorship with immediate effect. “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.

Ubank – the small retail lender which largely caters for mineworkers – has been placed under curatorship, South African Reserve Bank (Sarb) Governor Lesetja ...

“The Prudential Authority is obliged to ensure that all payment clearing and settlement obligations of Ubank will continue to be met. He said VBS Bank is now in liquidation, while African Bank “emerged” from curatorship a while back. It is important to emphasise that Ubank will continue to be open for business.” The curator is also required to recover and take possession of all the assets of Ubank,” noted Kganyago. “I want to emphasise that Ubank will continue to operate during the period of curatorship and the curator will make decisions regarding the continued granting of loans and sound banking activities generally… Ubank is a 100% black-owned South African bank, according to its website.

The South African Reserve Bank (SARB) has appointed KPMG South Africa as the administrator of Ubank, which remains open for business and is highly liquid, ...

the Prudential Authority, has decided to place Ubank under curatorship with immediate effect," he said in a virtual briefing. Comparative assessments and other editorial opinions are those of U.S. News and have not been previously reviewed, approved or endorsed by any other entities, such as banks, credit card issuers or travel companies. REUTERS/Yuri GripasReuters

JOHANNESBURG (Reuters) -South Africa's central bank said on Monday it had placed Ubank Ltd., a small South African lender primarily offering financial ...

the Prudential Authority, has decided to place Ubank under curatorship with immediate effect," he said in a virtual briefing. The central bank places a bank under curatorship, meaning it can appoint an independent administrator who takes over the day to day operations of the bank from the current management. Ubank has been placed under the central bank's Prudential Authority, which gives it the legal means to implement a resolution plan such as finding an investor or injection of capital and avoid liquidation.

Ubank is a financial services provider and has been focusing on the gold and platinum mining communities. FILE: South African Reserve Bank Governor Lesetja ...

Ubank is a financial services provider and has been focusing on the gold and platinum mining communities. Ubank is a financial services provider and has been focusing on the gold and platinum mining communities.

The Reserve Bank has placed Ubank under curatorship. The Bank's governor Lesetja Kganyago said on Monday the decision was that it was being done because ...

“During the last couple of years the prudential authority has intensified its supervision of Ubank due to… KPMG SA has been appointed as a curator, with its director Zola Beseti as the accounting and auditing firm’s representative. The Reserve Bank has placed Ubank under curatorship.

Reserve Bank says depositors will still have access to money and the bank will be operational during the process.

The problem here is that this is a bank that has eroded capital,” he said. He said the bank should have a capital adequacy ratio of 20% but sits only at 3%. When the curator steps in, the board of the bank will step aside and the curator will work with the management of Ubank to ensure that the institution is stabilised and the interests of depositors are protected.

Ubank has enough money to meet the requirements of its customers and depositors – but it doesn't have enough money on its balance sheet, or in reserve, ...

He said Ubank has enough money to meet the requirements of its customers and depositors. Ubank has enough money to meet the requirements of its customers and depositors – but it doesn’t have enough money on its balance sheet, or in reserve, to survive unforeseen circumstances such as future losses. NUM General Secretary William Mabapa said: “We were called last night by the Prudential Authority (PA) advising that we should raise R800-million. Of course, that money was successfully raised within 24 hours. But the bank doesn’t have enough money on its balance sheet or in reserve to survive unforeseen circumstances such as future losses, thereby heightening its risk of becoming insolvent and putting the deposits and savings of its customers at risk. The Reserve Bank is worried that Ubank has run out of money and its risk of collapse has heightened, pushing the central bank to take the day-to-day administration of the retail bank away from its management team. Kganyago said the Reserve Bank’s Prudential Authority has intensified its supervision of Ubank in recent years due to the bank’s poor governance, weak internal control measures and the failure of its shareholders to inject money into the bank and diversify its business model.

South Africa placed Ubank Ltd, a lender partly managed by mine workers, under administration. Finance Minister Enoch Godongwana appointed KPMG South Africa ...

The bank is now in liquidation, Kganyago said at the briefing. Ubank has assets of R5.25 billion ($324 million) and more than 4.7 million client accounts, the central bank said. We are wondering why the PA decided to advise the Reserve Bank to take such a drastic decision.”

Ubank is a financial services provider focussing on the gold and platinum mining communities. Reserve Bank Governor Lesetja Kganyago said that it was up to the ...

The governor announced on Monday that Ubank had been placed under curatorship. The governor announced on Monday that Ubank had been placed under curatorship.

Ubank's capital adequacy ratio has fallen from over 20% in 2020 to around 3% now, prompting the SA Reserve Bank to place it under curatorship.

Reserve Bank Governor Lesetja Kganyago says the decision was taken after considering the serious issues faced by the bank, which is used mostly by ...

KPMG South Africa will be responsible for Ubank with immediate effect, and with the full authority, the law confers on the curator. "The Minister of Finance has appointed KPMG South Africa as the curator, with Mr Zola Beseti as the representative. KPMG South Africa has been appointed as the curator.

The National Union of Mineworkers (NUM), one of Ubank's major shareholders, said it was shocked and surprised by the Reserve Bank move to put Ubank under ...

If you have already registered or subscribed, please sign in to continue. This article is free to read if you register or sign in. “This happened despite the Ubank’s board commitment last night that it would raise the required R800m to save the bank from being placed under curatorship,” said NUM's general secretary William Mabapa...

The SARB yesterday placed the Ubank under curatorship with immediate effect following “significant challenges over the years” while the finance minister ...

Of course, that money was successfully raised within 24 hours,” Mabapa said. “The Prudential Authority is aware of interested parties that have been discussing and are continuing to discuss investing in Ubank and which investments if concluded, will resolve the issues at Ubank. The curator will take this process forward.” Mabapa said the Ubank board managed to raise the required money, and the NUM is shocked by this latest development.

This comes after concerns about the bank's capital adequacy, weak corporate governance, as well as lack of corporate internal controls. KPMG South Africa has ...

Kganyago emphasised that the bank will remain open for business despite this. It grew out of Teba Cash Financial Services, which had been providing financial services to mineworkers since 1975. KPMG South Africa has been assigned as the curator, with KPMG director Zola Beseti as the representative, according to News24. This means that KPMG will now oversee and manage Ubank’s business side of things.

Reserve Bank Governor Lesetja Kganyago made the announcement on Monday, saying there were concerns on the financial safety of clients.

Reserve Bank Governor Lesetja Kganyago made the announcement on Monday, saying there were concerns on the financial safety of clients. Reserve Bank Governor Lesetja Kganyago made the announcement on Monday, saying there were concerns on the financial safety of clients.