UBank won't need Guptas, has plan to stay afloat - Chamber
23 June 2016
Cape Town – UBank submitted its recapitalisation plan to SA Reserve Bank (Sarb) on Friday and will not require help from the Guptas, according to the Chamber of Mines.
The organisation is a joint trustee with the National Union of Mineworkers (NUM) of Teba Trust, which owns the bank.
“There is no talk of any bailout of any kind,” Chamber of Mines spokesperson Charmane Russell told Fin24 on Thursday.
NUM general secretary David Sipunzi said Oakbay Investments CEO Nazeem Howa tried to convince NUM to sell it their bank, the Star reported on Thursday.