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 Pakistani-based lender that received an SA banking licence in 1990, has been placed under curatorship to due to governance, compliance and operational failures.
The lender was placed under curatorship on March 26 by the finance minister based on the recommendation of the Prudential Authority , the financial regulator that falls under the authority of the 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...
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