WATCH: Postbank set to lose R3.5bn as Post Office goes into business rescue
Business Day TV spoke to Business Day business writer Katharine Child
11 July 2023 - 16:54
byBusiness Day TV
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An SA Post Office branch in Johannesburg. Picture: FREDDY MAVUNDA
The Post Office has entered business rescue, resulting in substantial financial losses of about R4bn and the potential loss of 7,000 jobs within its subsidiary, Postbank. Adding to the bleak situation, the group’s deposits — totalling just more than R8bn — lacks legal protection. Moreover, doubts persist regarding Postbank's eligibility as a fully fledged state-owned bank.
Business Day TV spoke to Business Day business writer Katharine Child for more insight.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
NEWSROOM CROSSING
WATCH: Postbank set to lose R3.5bn as Post Office goes into business rescue
Business Day TV spoke to Business Day business writer Katharine Child
The Post Office has entered business rescue, resulting in substantial financial losses of about R4bn and the potential loss of 7,000 jobs within its subsidiary, Postbank. Adding to the bleak situation, the group’s deposits — totalling just more than R8bn — lacks legal protection. Moreover, doubts persist regarding Postbank's eligibility as a fully fledged state-owned bank.
Business Day TV spoke to Business Day business writer Katharine Child for more insight.
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