The management of Ithala, which has been stripped of its deposit-taking functions by the Prudential Authority (PA), is trying to get Bidvest Bank to replace Absa as its sponsor on the national payments system.

The bank’s top brass told the finance standing committee on Tuesday that they were in negotiations with Bidvest Bank to partner with it after Absa decided to end their 20-year relationship. Absa will cease to be the company’s sponsor on May 1...

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