Media Alert – Postbank Amendment Bill Signed Into Law
His Excellency, President Cyril Ramaphosa has officially assented the Postbank Amendment Bill which amends the Postbank Limited Act 2010, so as to adjust the establishment and the shareholding arrangements for the Postbank through the creation of a new banking controlling company. The bank controlling company shall hold 100% shares in the Company on behalf of Government represented by the Minister of Communications and Digital Technologies. The Postbank established as a state-owned commercial bank will render financial services, banking services, lending facilities through existing infra-structure of the Post Office and any other means of delivery the Company may deem appropriate for its operational needs. The South African Postbank Limited Amendment Bill which allows Postbank to establish itself as a state owned commercial bank has been signed into law.
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