JOHANNESBURG (Reuters) – South Africa’s central bank said on Monday it has placed lender Ubank under a curatorship, with immediate effect.
The South African Reserve Bank (SARB) has appointed KPMG South Africa as the administrator of Ubank, which remains open for business and is highly liquid, central bank governor Lesetja Kganyago said in a virtual briefing.
The central bank places a bank under curatorship because of liquidity issues, meaning it can appoint an administrator to run the bank.
(Reporting by Bhargav Acharya in Bengaluru and Promit Mukherjee in Johannesburg; Editing by Toby Chopra)
