Share

Postbank soon a retail bank

Johannesburg - Communications Minister Dina Pule has said the SA Postbank will probably get its banking licence, which will allow it to operate as a retail bank, early next year, Business Report reported on Tuesday.

Postbank would become a corporate enterprise when the licence was granted, enabling it to serve those who were not adequately accommodated by banks now in operation.

The department applied for the licence last year under Pule's predecessor, the late Roy Padayachie.

In November, Pule approached the National Treasury to set up policies around borrowing, lending and investment.

The bank would make use of the Post Office's infrastructure to bring simple financial services to the public, in accordance with the SA Postbank Limited Act, which came into effect in July last year.

It would be a separate branch of the Post Office. It previously operated as an internal division.

Pule said she would have "loved" to get the banking licence by December.

A board meeting would be convened this week to start the process of recruiting a managing director for the venture.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.88
+0.3%
Rand - Pound
23.85
+0.2%
Rand - Euro
20.37
+0.3%
Rand - Aus dollar
12.31
+0.3%
Rand - Yen
0.12
+0.3%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders