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Cape Town - The ANC is planning to cut ties with First National Bank (FNB) in favour of Postbank, reported the Sunday Times.
The newspaper stated that a resolution was taken in Mangaung in December that the governing party is contemplating moving its bank accounts to Postbank in pursuit of "more affordable" bank charges.
However, the party set a condition for this change to materialise. It said that the state-owned bank would need to receive a full retail banking licence.
Shaheen Adam, the acting managing director of Postbank was quoted: "We are finalising our application which, if successful, will see Postbank become a fully fledged retail bank."
More than a million ANC members deposit their annual membership fees - which have just been hiked to R20 from R12 - to a party bank account held at FNB, reported the news agency.
In January, FNB's youth ad campaign came under fierce criticism by the ANC and its affiliates - the Women's and Youth league - for launching a "treacherous attack" on the government.
The bank had taken a hiding twice in the past few years over “controversial” ads.
The SA Chamber of Commerce and Industry said at the time that the fallout between FNB and the ANC was a sign of tension between the government and business.
After consultations with the government, FNB apologised for the offensive online survey clips and expressed a commitment to tackling poverty, inequality and unemployment.
Chief marketing officer Bernice Samuels said the bank’s only intention with the campaign was to "stimulate social consciousness around the power of help to build a better South Africa".
The newspaper stated that a resolution was taken in Mangaung in December that the governing party is contemplating moving its bank accounts to Postbank in pursuit of "more affordable" bank charges.
However, the party set a condition for this change to materialise. It said that the state-owned bank would need to receive a full retail banking licence.
Shaheen Adam, the acting managing director of Postbank was quoted: "We are finalising our application which, if successful, will see Postbank become a fully fledged retail bank."
More than a million ANC members deposit their annual membership fees - which have just been hiked to R20 from R12 - to a party bank account held at FNB, reported the news agency.
In January, FNB's youth ad campaign came under fierce criticism by the ANC and its affiliates - the Women's and Youth league - for launching a "treacherous attack" on the government.
The bank had taken a hiding twice in the past few years over “controversial” ads.
The SA Chamber of Commerce and Industry said at the time that the fallout between FNB and the ANC was a sign of tension between the government and business.
After consultations with the government, FNB apologised for the offensive online survey clips and expressed a commitment to tackling poverty, inequality and unemployment.
Chief marketing officer Bernice Samuels said the bank’s only intention with the campaign was to "stimulate social consciousness around the power of help to build a better South Africa".
