The South African Reserve Bank (SARB) has set up a formal independent investigation which will look into the business trade and dealings of African Bank. This after the central bank placed African Bank under curatorship on 10 August. In a statement on Tuesday, the central bank said that Advocate JF Myburgh was appointed as commissioner of the investigation and will be assisted by Vincent Maleka SC, and Brian Abrahams with effect from 30 August 2014. "Advocate Myburgh will, among other … [Read more...] about SARB to investigate African Bank dealings
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SARB disputes downgrade of Capitec Bank
The South African Reserve Bank (SARB) says while it has taken note of rating agency Moody's decision to downgrade Capitec Bank Limited, it does not agree with the decision. Two reasons were given for the rating action: a lower likelihood of sovereign systemic support based on decisions recently taken in relation to African Bank Limited (African Bank), and heightened concerns regarding the risk inherent in Capitec's consumer lending focus. "The SARB notes the decision by Moody's Investors … [Read more...] about SARB disputes downgrade of Capitec Bank
African Bank under curatorship
African Bank has been placed under curatorship but it will continue to operate and be open for business, says the Reserve Bank. "The first important measure has been the conclusion reached by the Registrar of Banks and the decision by the Minister of Finance to place African Bank under curatorship with effect from 4pm today," Reserve Bank Governor Gill Marcus said on Sunday. This comes as African Bank announced that its Chief Executive Officer and founder, Leon Kirkinis, has resigned and … [Read more...] about African Bank under curatorship
