Trustees unhappy with R80m sale of Ubank to African Bank
Teba Trust Fund to appoint a financial expert to look into the deal, but the Reserve Bank rejects insider’s assertion that an offer from Nigeria’s Access Bank is superior
04 September 2022 - 07:51
Trustees of troubled Ubank, which is under Reserve Bank curatorship, have expressed deep dissatisfaction with the decision to sell a majority stake to African Bank for R80m.
Ubank was placed under curatorship in May after its capital adequacy ratio fell to about 3%, far below the industry average of more than 15%. Zola Beseti, a director at audit firm KPMG, was appointed the bank’s curator. Mineworkers have a stake in the bank via NUM, which represents them through the Teba Trust Fund...
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