Postbank readies to start commercial banking operations
Regulatory issues that were holding back the post office-based bank from offering routine banking services are now finalised, says CEO Mark Barnes
Post Office SA CEO Mark Barnes says regulatory issues that held up the launch of Postbank have now been finalised. Postbank was expected to launch a fullyfledged bank that offers both credit facilities and transactional products around the same time as other new players including Discovery Bank, Bank Zero and Tyme Bank which launched earlier in 2019. The existing Postbank only offers transactional and savings accounts as its status as a state-owned company precludes it from engaging in the full spread of banking activities. Barnes said the issues that prevented Postbank from obtaining a full licence, including differences in licensing provisions between the Companies Act and Banks Act, have now been ironed out. “The restructuring of Postbank is now going ahead and it’s only a matter of time before we start solving a lot of the issues we want to solve,” said Barnes. The restructuring, which entails adding credit facilities to its current bank licence, will bring the idea of a state-...
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