Kganyago: Ubank placed under curatorship, but will continue to operate

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

FILE: South African Reserve Bank Governor Lesetja Kganyago. Picture: @SAReserveBank/Twitter

JOHANNESBURG - Reserve Bank Governor Lesetja Kganyago on Monday said Ubank would continue to operate despite being placed under curatorship.

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

However, the governor announced that the bank did not have sufficient capital levels and needs help.

He said KPMG, after being appointed as the curator, had been given certain directives.

“The curator is also required to recover and take possession of all the assets of Ubank. Furthermore, the Prudential Authority is obliged to ensure that all payment clearing and settlement obligation of Ubank will continue being met.”

The governor said investors had shown interest and this would help the bank: “And each investment, if concluded, will resolve the issues at Ubank. The curator will take this process forward.”