Industry organisation the Minerals Council South Africa says it supports the action taken by the South African Reserve Bank‘s (SARB’s) Prudential Authority to place Ubank under curatorship, positing that it would clear the way to stabilise Ubank, protect depositors and enable the attraction of a long-term investor for the bank. The Teba Fund Trust is the 100% owner of Ubank. The Minerals Council and the National Union of Mineworkers are the joint administrators of the fund, and each appoints three trustees to the fund.
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