The African National Congress (ANC) has assigned its economic transformation sub-committee to develop strategies to save Ithala Bank, which faces potential closure due to insolvency. The Prudential Authority, a regulator under the South African Reserve Bank, has applied for the bank's provisional liquidation, threatening over 400 jobs and disrupting financial services for marginalized communities. The ANC emphasizes Ithala's importance as a key institution for rural communities, stokvels, churches, and small businesses in KwaZulu-Natal.
JOHANNESBURG - The African National Congress has tasked its economic transformation sub-committee to devise actionable plans to rescue the embattled Ithala Bank .
The bank faces the risk of being shut down after the Prudential Authority, a regulator under the South African Reserve Bank, filed court papers seeking a provisional liquidation of the financial institution. The ANC’s economic transformation sub-committee, which includes the finance minister and other national executive members, has now been tasked with saving the bank.
Speaking during a media briefing on Monday, ANC Secretary-General Fikile Mbalula said that Ithala was a key cog in government’s effort to transform the banking sector. "A critical institution enabling access to banking services for rural communities, stokvels, churches and small businesses in KwaZulu-Natal. The recent application by the SARB’s Prudential Authority, to liquidate Ithala due to insolvency threatens over 400 jobs and disrupts financial services for marginalised communities."
Ithala Bank Liquidation African National Congress South African Reserve Bank Economic Transformation
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