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Business Report writes that UBank, whose clients are 90% miners in the gold and platinum sector, is diversifying its client base.
The 40-year-old bank is aiming to broaden its customer base in the next 10 years as metal price volatility and low consumer confidence takes its toll on the industry. It is also haunted by the five-month platinum belt strike in 2014, which had a material effect on profitability. Meantime, David Sipunzi, general secretary of the National Union of Mineworkers (NUM), which is a major shareholder in the bank, said the union was opposed to any plans to sell the bank.
- Read this report by Dineo Faku in full at Business Report
Get other news reports at the SA Labour News home page