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NUM shocked at Ubank move

Reserve Bank says bank depositors’ money is safe

The National Union of Mineworkers (NUM), one of Ubank's major shareholders, said it was shocked and surprised by the Reserve Bank move to put Ubank under curatorship after it raised the required amount.

“This happened despite the Ubank’s board commitment last night that it would raise the required R800m to save the bank from being placed under curatorship,” said NUM's general secretary William Mabapa...

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