Establishment for state owned bank: I Ithala Bank an answer?
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WHILE the battle for Ithala Bank to become a fully-fledged state-owned bank with a right to compete with the big five banks escalates, the KwaZulu-Natal parliament doubts Ithala would be able to acquire its permanent banking licence by the end of next month, which is the cut-off date.
The bank has been struggling for about 10 years to obtain a permanent banking licence and as a result, it had, up to now, been operating with a renewable Banking Licence Exemption Notice, which is renewable every 12 to 24 months. The temporary licence limits the activities of the bank, which was established by the then KZN government, leaving bigger banks to still control the sector.
The bank has been struggling for about 10 years to obtain a permanent banking licence and as a result, it had, up to now, been operating with a renewable Banking Licence Exemption Notice, which is renewable every 12 to 24 months. The temporary licence limits the activities of the bank, which was established by the then KZN government, leaving bigger banks to still control the sector.
