By: Sthulile Mdletshe
KwaZulu-Natal Premier Thami Ntuli has reassured the public that all funds held in Ithala Bank remain safe, adding that the institution’s operations are secure and will continue to serve the province’s people.
Ntuli’s statement follows a ruling by the High Court in Pietermaritzburg, permitting Ithala Bank to fully resume its operations with the exception of accepting deposits.
The court’s decision came after the Prudential Authority initiated provisional liquidation proceedings against the state-owned bank over the past five months, which led to the freezing of its accounts.
Ntuli has hailed the ruling as a major milestone for the historically marginalised communities of KZN who rely on Ithala for essential financial services.
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