ROB ROSE: Sorry, did you say R5bn?
Holes in the prospectus for the new YWBN Mutual Bank sparked an almighty war of words over just how smart an investment this really is
Last Tuesday all the bells and whistles were laid on for the launch of the YWBN Mutual Bank in Sandton. Eye-catchingly, there was an unusual throng of ministers present: deputy finance minister David Masondo, small business minister Khumbudzo Ntshavheni, communications minister Stella Ndabeni-Abrahams and justice minister Ronald Lamola.
You can sort of see why, since the hot-button topics were catnip to politicians — a new black-owned bank, promising to lend to small businesses who are "forced to close shop due to lack of access to financing"...