PwC says 63% of Habib Overseas Bank depositors now paid
HOB, which received an SA banking licence in 1990, was once a buyout target by individuals linked to the Gupta family
PwC, which was appointed as curator of Habib Overseas Bank (HOB) in March, says more than 63% of qualifying depositors at the beleaguered lender have received their funds through a Reserve Bank guarantee payment mechanism.
The Bank announced in June that it would pay qualifying HOB depositors up to R100,000 each after the local unit of the Pakistan-based lender was found to be in far worse financial shape than initially feared. The Bank began making the payments from June 12 — based on a guarantee issued by the Treasury — to assist depositors who had money tied up with HOB, whose branches were forced to close in the wake of the curatorship order...
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