Ithala fights to survive as amid the legal battle against Prudential Authority

THE tense saga surrounding Ithala SOC Limited, a black-owned bank pivotal to the financial well-being of many in KwaZulu-Natal, has taken a dramatic turn as the Pietermaritzburg High Court case, initiated by the Prudential Authority (PA) for the bank’s liquidation, has been postponed from Wednesday to Thursday…In the interim, approximately 65,000 social grant recipients who receive payments via Ithala Bank have been urged to visit FNB to open new bank accounts between January 28 and February 4, which would enable them access to their funds during the next payment run, using their…