Ubank

Ubank Limited

Industry	Banking
Founded	1975
Headquarters	Midrand, Gauteng, Johannesburg , South Africa
Number of locations	Several branches
Services	Microfinance
Parent	Ubank Group
Website	ubank.co.za

Ubank Limited (formerly known as Teba Bank) is a South African bank operating in the microfinance sector which mainly targets lower-income blue-collar workers, especially those in the mining sector.

YouTube Encyclopedic

1/3
Views:
3 475
607
5 389

Transcription

History

Teba Limited (stylised as TEBA),^[1] which was involved with the South African mining industry, was founded in 1912. The predecessor of the bank was the Teba Savings Fund (also known as Teba Cash) that was established in 1976 and processed the salaries of miners working at gold and platinum mines. In 1983, the savings fund became a separate company from Teba Limited, and was renamed as Teba Bank after obtaining a banking license from the South African Reserve Bank in 2000.^[2]^[1] In 2002, the bank launched the Teba Bank Funeral Plan catering to miners.^[3] In October 2010, the bank was renamed as Ubank.^[4]^[5] In 2022, The bank was placed under curatorship by the Reserve Bank of South Africa to "proactively mitigate the adverse consequences on Ubank's depositors, and to preserve the stability of the South African banking and financial services sector as a whole."^[6]

UBank now fall under African Bank. ^[7]

Operations

The bank chiefly operates in the rural areas of South Africa, with a large majority of its clientele identifying as low-income miners; in fact, according to a 2002 profile of the bank in Business in Africa, for many years "Teba Bank was the only financial institution thousands of workers toiling in South African mines knew."^[8] According to a 2010 report, the bank had some 500,000 clients, half of whom worked in the mining sector.^[9] It has over a hundred branches and around 37 ATMs. Its head office is in Midrand, Gauteng.^[3]

References

^ ^a ^b Mining Mirror. Brooke Pattrick Publications. 2001. p. 22.
^ Finweek. Media24. October 2005. p. 66.
^ ^a ^b David Porteous; Ethel Hazelhurst (2004). Banking on Change: Democratising Finance in South Africa 1994-2004. Juta and Company Ltd. pp. 54–56. ISBN 978-1-919930-85-5.
^ French, Maya Fisher (7 October 2010). "Teba gives birth to Ubank". Mail & Guardian.
^ "About us". Ubank. Retrieved 7 May 2020.
^ "Remarks by the Governor of the South African Reserve Bank, Mr Lesetja Kganyago" (PDF). 16 May 2022.
^ "African Bank to Acquire Majority of Assets and Liabilities of Ubank in R80-Million Deal". www.africanbank.co.za. 2023-05-17.
^ Business in Africa. Goldcity Communications. 2002.
^ "Teba Bank prepares to target workers outside mining sector". iol. 20 September 2010.

External links

Official website

v t e Banks of South Africa
Central bank	South African Reserve Bank
Big four commercial banks	Absa First National Bank Nedbank Standard Bank
Investment banks	Investec Rand Merchant Bank
Other	African Bank Bidvest Bank Capitec Bank Development Bank of Southern Africa FirstRand Grindrod Bank Imperial Bank South Africa Land and Agricultural Development Bank of South Africa Postbank Sasfin Bank Ubank
Defunct	20Twenty African Banking Corporation Allied Bank Colesberg Bank NBS Permanent Bank Saambou Trustbank United Bank VBS Mutual Bank Volkskas

Companies based in Greater Johannesburg

Diversified
conglomerates

Airlines

Defunct	1time African International Airways AirQuarius Aviation Avia Comair Command Airways Executive Aerospace Fly Blue Crane Imperial Air Cargo Interair South Africa Interlink Airlines kulula.com Mango Nationwide Airlines Rossair Executive Air Charter Rovos Air Skywise South African Express

Construction
and engineering

Energy

Financial

Banks	Absa Bank Access Bank South Africa African Alliance Investment Bank African Bank Bank Zero Bidvest Bank DBSA First National Bank FirstRand Bank Imperial Bank South Africa Mercantile Bank Nedbank Rand Merchant Bank Sasfin Bank Stanchart South Africa Standard Bank TymeBank Ubank Wizzit Defunct VBS Mutual Bank