JOHANNESBURG - First National Bank (FNB) on Thursday welcomed the judgment delivered by the Equality Court to dismiss the matter relating to allegations of racial discrimination on interest rates by Saambou Bank.
On Wednesday, the court dismissed the matter in its entirety, including the complainant's application to amend their declarations.
Private financial consultant, Emerald Van Zyl, took the matter to court alleging that more than 4,000 primarily black customers with mortgages were charged 30 percent or more on their home loans.
Van Zyl has been waging a legal fight against South African banks for more than a decade. The allegations were first dismissed in 2013 by the North Gauteng High Court.
At the time, the North Gauteng High Court found that, after all the evidence had been led and all witnesses cross-examined, the claims that Saambou charged black people higher interest rates than white people were “completely unfounded”.