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NUM is deeply shocked by the Reserve Bank governor Lesetja Kganyago's decision to place Ubank under curatorship

NUM Admin posted on 5/16/2022 7:56:00 AM

Press Statement, 16 May 2022

NUM is deeply shocked by the Reserve Bank governor Lesetja Kganyago's decision to place Ubank under curatorship

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

This happened despite the Ubank’s board commitment last night 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 last 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,” said NUM General Secretary William Mabapa.

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

For more detailed information, please contact:

William Mabapa, NUM General Secretary, 082 880 4439

Livhuwani Mammburu, NUM National Spokesperson, 083 809 3257

Luphert Chilwane, NUM Media Officer, 083 809 3255

The National Union of Mineworkers
7 Rissik Street.
Cnr Frederick Johannesburg
Tel: 011 377 2111 Cell: 083 809 3257
Twitter: @Num_Media

Facebook: https://www.facebook.com/pages/NUM/100860023402167

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NUM is deeply shocked by the Reserve Bank governor Lesetja Kganyago's decision to place Ubank under curatorship

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