Ubank placed under curatorship
The bank has a capital adequacy ratio of just 3% vs an industry-wide average of more than 15%
The Prudential Authority (PA), the regulator of financial services that falls under the auspices of the Reserve Bank, has announced that Ubank has been placed under curatorship for failing to maintain adequate capital levels, as required by the Banks Act.
Ubank, which was formerly known as Teba Bank and traditionally serves customers in rural areas and mining communities, has a capital adequacy ratio of about 3% compared to an industry-wide average in SA of just more than 15%, Reserve Bank governor Lesetja Kganyago said in a media briefing on Monday.
KPMG has been appointed curator under the supervision of the PA, with the firm’s representative during the process being Zola Beseti...