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A Ithala Bank stand at an event.
The Inkatha Freedom Party (IFP) will today be protesting against the possible liquidation of Ithala Bank in KwaZulu-Natal.
The protest is set to take place at the Durban City Hall.
The IFP along with other political parties have condemned the Prudential Authority’s plan to liquidate the bank, citing its crucial role as the backbone of the black economy.
“This is not just a matter of a political nature or a willy-nilly action which can be taken by the Prudential Authority and the Reserve Bank yet it’s got far-reaching implications and that if we continue on this trajectory of wanting to liquidate Ithala – we would be subjecting the black economy and the opportunities which it has to the same state of VBS and the African Bank,” says IFP National spokesperson Mkhuleko Hlengwa.
“We believe that Ithala Bank is a necessary tool for economic access, economic development and opportunities for our people and that the challenges that it faces can be resolved.”
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