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
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