NUM shocked by Kganyago’s decision to place UBANK under curatorship

Business South Africa

Tebogo Msimanga |

The National Union of Mineworkers (NUM)says it is highly shocked and surprised by the Reserve Bank governor Lesetja Kganyago’s decision to place Ubank under curatorship.

NUM Secretary-General William Mabapa said this happened despite the Ubank’s board commitment that it will raise the required R800 million to save the bank from being placed under curatorship. Ubank is popular in the mining sector for providing services to mineworkers and their families

“We were called on Sunday night by the Prudential Authority (PA) advising that we should raise R800 million. Of course, that money was successfully raised within 24 hours. We are wondering why the PA decided to advise the Reserve Bank to take such a drastic decision”.

Mabapa stressed that the Ubank board managed to raise the required money and the NUM is shocked by this latest development.

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