South Africa Puts Mining Workers’ Bank Under Administration
- KPMG South Africa named curator of Ubank, central bank says
- Ubank has assets of $324 million, 4.7 million client accounts
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South Africa placed Ubank Ltd., a lender partly managed by mine workers, under administration.
Finance Minister Enoch Godongwana appointed KPMG South Africa as curator of the bank because of concerns about the lender’s corporate governance, a high number of internal-control weaknesses, and a lack of sufficient capital to ensure the viability of the bank, central bank Governor Lesetja Kganyago told reporters Monday in an online briefing.