Godongwana places Habib Overseas Bank Limited under curatorship

JOHANNESBURG - Finance Minister Enoch Godongwana has placed Habib Overseas Bank Limited under curatorship.

This follows a recommendation from the Prudential Authority at the South African Reserve Bank.

The authority says the bank needs to deal with its governance, compliance, and operational failures.

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It also cites the bank's non-compliance with a number of financial sector regulations, and significant findings relating to breaches of exchange control regulations.

The curatorship is being done to proactively protect the bank’s depositors.

Depositors are also assured that their funds will remain safe at the bank.