EXCLUSIVE: Postbank loans on the cards
CEO Mark Barnes says Reserve Bank approval to establish a bank would enable Postbank to branch into lending
Postbank expects to submit its section 16 licence application to get final Reserve Bank approval to establish a bank, in two months, says acting MD Shaheen Adam. This would enable Postbank — which is already a deposit-taking institution in terms of the Postal Services Act and a participant in the payments system — to lend money, South African Post Office CEO Mark Barnes told Business Day. "Postbank is a fully fledged bank, but it hasn’t as yet got authority to lend money," Barnes said on Friday. It could start lending money within three months, if it was granted a bank licence at the end of June, he said. "Our deadline [for the section 16 licence application] is the end of June, but we hope to submit sooner. We’re pulling out all the stops to make sure we get it submitted," Adam said. Postbank was in the process of establishing a board, which would then appoint a CEO, he said. The Reserve Bank had approved the proposed appointment of five nonexecutive directors, two directors and fi...
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