African Bank has received approval from the SA Reserve Bank (Sarb) and the Financial Services Board to set up a new \u201cGood Bank\u201d with its remaining assets, after it was placed under curatorship in 2014 following its collapse.<\/p>\n
\u201cThese are further significant developments to enable the commencement of Good Bank,\u201d said Brian Riley, CEO designate of Good Bank.<\/p>\n
\u201cWe continue to engage proactively and constructively with the regulators, and in particular the Sarb, which is a key stakeholder in the journey to the launch of the business,\u201d he said in a statement on Thursday.<\/p>\n
The Good Bank has applied for and is awaiting approval for the Credit Provider Licence from the National Credit Regulator.<\/p>\n
Commencement of operations is dependent on the final registration of Good Bank as a bank under Section 16(1) of the Banks Act.<\/p>\n
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