KZN government commits to lifting Ithala Bank out of financial turmoil

PIETERMARITZBURG - KZN Economic Development, Tourism, and Environmental Affairs MEC, Musa Zondi says he's committed to averting a closure of iThala bank.

This comes after the Financial Sector Conduct Authority suspended the bank's operating licence.

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The FSCA cited several reasons for the suspension, including Ithala's "failure to meet financial soundness requirements."