• Voter paralysis

    With so much tilting voters against change, democratic reason is the loser, says Solly Moeng.

  • The power of perseverance

    True grit is a reliable predictor of who will achieve success in life, says Ian Mann.

  • It's the system

    The system sucks and it’s being used far too often as an excuse, says Mandi Smallhorne.

All data is delayed
Loading...
See More

ANC set to dump FNB

Feb 10 2013 16:36
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".


Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

fnb  |  post bank  |  anc

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
216 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE DEBT ISSUE

Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Would you take out a payday loan?

Previous results · Suggest a vote

Loading...