Oakbay said it themselves; they’re out of the picture!— Luthando Vutula, UBank CEO
The Gupta family is pursuing the shareholders of UBank in a bid to buy the institution, according to the Independent newspapers.
Gupta-owned Oakbay Investments' CEO Nazeem Howa told Fin24 that the company did express an early interest in UBank a couple of years ago, but voluntarily walked away from the process at an early stage.
According to Bloomberg, the National Union of Mineworkers (NUM) said it will block the sale of its 50% stake in the bank to the Gupta family.
The Money Show’s Bruce Whitfield spoke to UBank CEO Luthando Vutula.
Scroll down for quotes from the audio below.
We’re not selling the bank. We’re raising capital.— Luthando Vutula, UBank CEO
We’re raising almost a billion rand.— Luthando Vutula, UBank CEO
We’ve asked the current shareholders for capital.— Luthando Vutula, UBank CEO
Ultimately, the Minister of Finance has to approve.— Luthando Vutula, UBank CEO
We’ll present a plan to the Reserve Bank on 1 July.— Luthando Vutula, UBank CEO
We need capital to diversify away from mining.— Luthando Vutula, UBank CEO
Tier-2 banks has a place in this country as long as you understand your market.— Luthando Vutula, UBank CEO
Our intent is never to compete with the Big Four banks.— Luthando Vutula, UBank CEO
Recommendedby NEWSROOM AI
Fuelled by skyrocketing demand at home and abroad, the SA avo industry is thriving, says the SA Avocado Growers Association.
The Money Show’s Bruce Whitfield interviews Daily Maverick Publisher Styli Charalambous.
VAT at 17%... yoh! Bruce Whitfield interviews Lee Kasumba, who is exploring Mozambique’s central port city of Beira.
You've probably never heard of Chuck Feeney. Nevertheless, he’s one of the strangest, most impactful people who has ever lived.
Can a bank pull the plug on a client for reputational risk? The Bredenkamp vs Standard Bank case suggests it can.
David Van Rooyen arrived at Treasury as Finance Minister with two Gupta allies as "advisors", claims correspondent John Battersby.
Employees of the start-up media house are angered for not receiving salaries as promised at the end of June.
Nene asked unions representing Eskom workers to provide ideas to fund wage increases after negotiations with Eskom deadlocked.
Founder of Herenya Capital Advisors, Petri Redelinghuys, explains how the embattled Steinhoff managed to double its share price in 5 days
The new Home Affairs upgrades to the system include printing parents details at the back of the child's passport.
The UK’s Food Standards Agency issued an advisory, claiming that Rolkem failed to confirm that their ingredients were safe to eat.
The Panorama, Welgelegen and Plattekloof Neighbourhood Watch has identified a new house break-in trend.
These are the emergency numbers you should have on your cellphone and this is what you must understand about how they work.