This article is about the South African bank. For the Australian bank, see UBank.
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.
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]
Operationsedit
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."[7] According to a 2010 report, the bank had some 500,000 clients, half of whom worked in the mining sector.[8] It has over a hundred branches and around 37 ATMs. Its head office is in Midrand, Gauteng.[3]
Referencesedit
^ abMining Mirror. Brooke Pattrick Publications. 2001. p. 22.
^ abDavid Porteous; Ethel Hazelhurst (2004). Banking on Change: Democratising Finance in South Africa 1994-2004. Juta and Company Ltd. pp. 54–56. ISBN978-1-919930-85-5.
^French, Maya Fisher (7 October 2010). "Teba gives birth to Ubank". Mail & Guardian.
^"Remarks by the Governor of the South African Reserve Bank, Mr Lesetja Kganyago" (PDF). 16 May 2022.
^Business in Africa. Goldcity Communications. 2002.
^"Teba Bank prepares to target workers outside mining sector". iol. 20 September 2010.
External linksedit
Official website
April 11, 2024
ubank, confused, with, ewbank, disambiguation, this, article, about, south, african, bank, australian, bank, ubank, limited, formerly, known, teba, bank, south, african, bank, operating, microfinance, sector, which, mainly, targets, lower, income, blue, collar. Not to be confused with Ewbank disambiguation This article is about the South African bank For the Australian bank see UBank 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 Ubank LimitedIndustryBankingFounded1975HeadquartersMidrand Gauteng Johannesburg South AfricaNumber of locationsSeveral branchesServicesMicrofinanceParentUbank GroupWebsiteubank co za Contents 1 History 2 Operations 3 References 4 External linksHistory editTeba 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 Operations editThe 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 7 According to a 2010 report the bank had some 500 000 clients half of whom worked in the mining sector 8 It has over a hundred branches and around 37 ATMs Its head office is in Midrand Gauteng 3 References edit 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 amp 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 Business in Africa Goldcity Communications 2002 Teba Bank prepares to target workers outside mining sector iol 20 September 2010 External links editOfficial website Retrieved from https en wikipedia org w index php title Ubank amp oldid 1134807641, wikipedia, wiki, book, books, library,
