Ubank

2022 - 5 - 17

JUST IN | Reserve Bank places Ubank under curatorship (News24)

Ubank, which has around 4.7 million accounts - mainly among mineworkers and their families, has been placed under curatorship.

Ownership in the bank remains in a trust managed by trustees elected by the National Union of Mine Workers (NUM) and the Minerals Council of SA. Retail depositors represent 98% of Ubank’s total liabilities. KPMG South Africa has been appointed as the curator, with KPMG director Zola Beseti as the representative.

Ubank placed under curatorship effective immediately (Mail and Guardian)

Reserve Bank says depositors will still have access to money and the bank will be operational during the process.

The problem here is that this is a bank that has eroded capital,” he said. He said the bank should have a capital adequacy ratio of 20% but sits only at 3%. When the curator steps in, the board of the bank will step aside and the curator will work with the management of Ubank to ensure that the institution is stabilised and the interests of depositors are protected.

South Africa Puts Mining Workers' Bank Under Administration (Bloomberg)

South Africa placed Ubank Ltd., a lender partly managed by mine workers, under administration.

South African Reserve Bank places Ubank under curatorship (CGTN)

South African Reserve Bank on Monday announced that it was placing Ubank under curatorship with immediate effect due to corporate governance issues, failure to ...

FILE PHOTO: South African Reserve Bank governor Lesetja Kganyago pictured at a past press briefing. FILE PHOTO: South African Reserve Bank governor Lesetja Kganyago pictured at a past press briefing.

South Africa's central bank takes control of small lender Ubank (Reuters)

South Africa's central bank said on Monday it had placed Ubank Ltd., a small South African lender primarily offering financial services to families of gold ...

Register now for FREE unlimited access to Reuters.com the Prudential Authority, has decided to place Ubank under curatorship with immediate effect," he said in a virtual briefing. Register now for FREE unlimited access to Reuters.com

SA Reserve Bank places Ubank under curatorship to prevent its ... (Daily Maverick)

Ubank has enough money to meet the requirements of its customers and depositors – but it doesn't have enough money on its balance sheet, or in reserve, ...

He said Ubank has enough money to meet the requirements of its customers and depositors. Ubank has enough money to meet the requirements of its customers and depositors – but it doesn’t have enough money on its balance sheet, or in reserve, to survive unforeseen circumstances such as future losses. NUM General Secretary William Mabapa said: “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. But the bank doesn’t have enough money on its balance sheet or in reserve to survive unforeseen circumstances such as future losses, thereby heightening its risk of becoming insolvent and putting the deposits and savings of its customers at risk. The Reserve Bank is worried that Ubank has run out of money and its risk of collapse has heightened, pushing the central bank to take the day-to-day administration of the retail bank away from its management team. Kganyago said the Reserve Bank’s Prudential Authority has intensified its supervision of Ubank in recent years due to the bank’s poor governance, weak internal control measures and the failure of its shareholders to inject money into the bank and diversify its business model.

Goodbye 86 400: Neobank absorbed by UBank in NAB acquisition ... (Savings.com.au)

Samuel Philipos, director of mortgage brokers Benevolence Financial Group, told Savings.com.au the acqusition is motivated by technology. "NAB buying 86 400 is ...

2017, granted ADI in 2019 Rates correct as of May 17, 2022. Rates based on a savings balance of $10,000. Savings product still in beta "This downward pressure has only partially been offset by lower funding costs from near-zero deposit rates. 2017, granted ADI in 2019

86 400 transformed into ubank (Australian Broker)

NAB acquired 86 400 last year and the major bank always intended to combine the operations of 86 400 with its own digital bank, Ubank. That merger has now ...

ubank customers will experience a more gradual introduction to the new brand experience and will be migrated to the new technology and refreshed brand over the course of the next six months. Smart bank 86 400 will now be known as ubank, following its merger with Australia’s first digital bank. From today, existing 86 400 brokers and customers will see the new ubank name, a refreshed and rebranded website, a new app to download in the app store, and a new ubank card in their digital wallet.

ubank takes the reins of neobank 86 400, reveals new look and ... (Mozo.com.au)

ubank will take over 86 400's products, including bank accounts, term deposits, savings accounts, and home loans. For those with existing ubank products like ...

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. * WARNING: This comparison rate applies only to the example or examples given. Receive up to an additional 0.15% off your rate as you pay off the loan. Receive up to an additional 0.15% off your rate as you pay off the loan. Fee free withdrawals of your savings. Flexibility to split your loan and set different repayment types. Fee free withdrawals of your savings.CompareCompareDetails Close Flexibility to split your loan and set different repayment types. Free extra repayments and redraw facility. Free extra repayments and redraw facility. Rates have moved in line with RBA. Fast and efficient online application. ubank’s new logo may carry a touch of nostalgia for those familiar with 86 400’s sans-serif simplicity.

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