Business Report writes that the National Union of Mineworkers (NUM) on Monday blamed the chief executive of UBank for sabotaging the institution’s future and called for the establishment of a workers’ bank.  

In a strongly worded statement after the union’s national executive committee (NEC) meeting held last week, general secretary David Sipunzi condemned the behaviour of the bank’s chief executive, Luthando Vutula, and the board for doing nothing to save the institution, which predominantly services mine workers and customers in the rural areas.  The NUM, which owns 50%of the bank with the rest held by the Chamber of Mines, said the NEC reaffirmed its view that the bank was not for sale.  He called on Cosatu “to seize this as the golden opportunity to utilise UBank as the vehicle to implement its resolution on the establishment of a workers’ bank.”

• Read this report by Dineo Faku in full at Business Report
• See too, UBank bosses must grow business or go, says NUM, at Business Report

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