The Pakistan-based lender's SA office was placed under curatorship due to governance, compliance and operational failures but PA says deposits are safe
Habib Overseas Bank, the local unit of a Pakistan-based lender that became a buyout target by associates of the Guptas , has been placed under curatorship due to governance, compliance and operational failures.
The lender, which received an SA banking licence in 1990, was placed under curatorship by finance minister Enoch Godongwana on March 26 based on the recommendation of the Prudential Authority , the financial regulator that falls under the authority of the SA Reserve Bank . Habib Overseas Bank is the local division of a lender that was originally founded in India in 1941 before relocating to Pakistan, and is not linked to Habib Bank AG Zurich, which also operates in SA...
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Finance minister places Habib Overseas Bank into curatorship to protect depositors | BusinessMinister of Finance Enoch Godongwana has placed Habib Overseas Bank under curatorship with immediate effect to deal with 'governance, compliance and operational failures' and protect the bank's depositors. | News24_Business
Read more »
Prudential Authority places Habib Overseas Bank under curatorshipThe Pakistan-based lender's SA office was placed under curatorship due to governance, compliance and operational failures but PA says deposits are safe
Read more »
Recycling's well and good - except for bankLike cell networks do with phone numbers, banks are allowed to recycle account numbers, causing inconvenience and, worse, loss, writes Wendy Knowler.
Read more »
ECONOMIC WEEK AHEAD: Reserve Bank expected to hike interest rates by 25 bpsThe Bank is expected to hit pause after Thursday’s meeting to evaluate the effect of previous upward moves
Read more »
Recycling's well and good - except for bankLike cell networks do with phone numbers, banks are allowed to recycle account numbers, causing inconvenience and, worse, loss, writes Wendy Knowler.
Read more »
Zimbabwe Reserve Bank face sanctions over money laundering accusations - SABC NewsThe Reserve Bank of Zimbabwe is facing sanctions following allegations that it is being used for money laundering and illicit gold dealings.
Read more »