African Bank under curatorship: Marcus

Embattled African Bank Investments Limited (Abil) has been placed under curatorship, Reserve Bank Governor Gill Marcus announced on Sunday.

"The first important measure has been the conclusion reached by the

Registrar of Banks and the decision by the minister of finance to place

African Bank under curatorship with effect from 4pm today, (August 10, 2014)," Marcus told reporters at the SA Reserve Bank in Pretoria.

"African Bank Limited board has, after due consideration, advised the registrar that it does not oppose curatorship and has taken the appropriate resolutions to facilitate the process."

She said Tom Winterboer was appointed as the curator.

"Tom Winterboer is the financial services industry leader for Africa and a member of the global financial services leadership team at PwC (PriceWaterhouseCoopers)," said Marcus.

He would be assisted by a team of experts.

In a six month period to March 2014, Abil posted a headline loss of R3,1 billion.