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SARB Says Only a Bank Can Buy UBank

With an offer on the table the SA Reserve Bank says only a bank can buy UBank.

Earlier this year, in May, UBank was placed under curatorship by the SARB when things were not going well. There were concerns about the banks capital and internal corporate governance. KPMG was asked to helm the ship under the curatorship until a sale or capital injection was organised.

Want R500 Million?

Now KPMG has received an offer by the Sekunjalo Consortium who offered to inject R250 million into the bank and then raise another R250 Million.

It looks however as if that will not come to fruition since the SARB and Prudential Authority have said that only a bank will be allowed to buy into the bank.

UBank has around 4.7 Million accounts and has been particularly popular with the mining community around South Africa.