SowetanLive reports that the National Union of Mineworkers (NUM), one of Ubank's major shareholders, said it was shocked and surprised by the Reserve Bank’s move to put Ubank under curatorship.

This happened despite the Ubank’s board commitment that it would raise the required R800m to save the bank from being placed under curatorship, said NUM's general secretary William Mabapa. “We were called last night [Sunday] by the Prudential Authority [PA] advising that we should raise R800m. Of course that money was successfully raised within 24 hours. We are wondering why the PA decided to advise the Reserve Bank to take such a drastic decision,” he stated. This action has also not gone down well with the Association of Mineworkers and Construction Union (Amcu). Its president Joseph Mathunjwa said, while it embraced good corporate governance in the financial sector, it was concerned by the Reserve Bank’s move. “We see every financial institution that is run by blacks is being targeted. Numsa was put under the spotlight because their monies are run by black institutions. As Amcu we introduced Igula Provident Fund, Anglo American fought us not to move our members to a union-established provident fund because we were taking food out of Old Mutual. Today it is Ubank, run by blacks. What does it tell you? We are at that time in SA whereby anything that is run by a black person is looked down upon and positioned in the media as corrupt,” Mathunjwa said. Ubank largely operates in mining towns providing banking services to mineworkers and their families. Reserve Bank governor Lesetja Kganyago said placing Ubank under curatorship was a proactive step to prevent adverse consequences to Ubank’s depositors.

• Read the full original of the report in the above regard by Mpho Sibanyoni and Penwell Dlamini at SowetanLive
• See too, NUM questions decision to place Ubank under curatorship, at EWN

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