Ithala sets sights on state-owned bank status

Danny Zandamela, the chief executive of Ithala SOC Limited.

Danny Zandamela, the chief executive of Ithala SOC Limited.

Published Oct 4, 2018

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Durban - Support for the establishment of a state-owned bank by the National Treasury and Banking Association of SA has been welcomed by Ithala SOC Limited.

The financial services provider is surging ahead with plans to obtain a full banking licence.

Ithala SOC Limited is undergoing an organisation-wide restructure to “Build the Bank”, install a new banking technology platform, recapitalise, and appoint skilled and experienced banking sector professionals to ensure a professionally run bank that is not only profitable but also complements the government’s developmental agenda.

“As the only state-owned entity that provides full banking services, the concept of a state bank is achievable,” said Danny Zandamela, the chief executive of Ithala SOC Limited.

Ithala SOC Limited is already fully regulated by the SA Reserve Bank and other banking industry sector regulators and is committed to ensuring compliance with all regulations.

Ithala SOC Limited said its asset quality has demonstrated continuous improvement with the percentage of non-performing loans reduced from 9.5% in the 2013/14 financial year to 6.2% in 2017/18.

This is within the range of 5.7% to 18.6% of its peer group.

It has a distribution network of 39 branches across KZN and offers a portfolio of corporate and personal banking solutions.

The Mercury

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