Post by bettencourt on Sept 30, 2009 6:56:05 GMT 4
JOHANNESBURG, Sept 29 (Reuters) - Postbank, banking unit of the South African Post Office (SAPO), will be transformed into a separate company next year to better position it in the country's financial sector, state-owned SAPO said on Tuesday.
"Postbank would be corporatised next year as a stand-alone company within the South African Post Office group," SAPO said in a statement.
The restructuring of the unit is part of government strategy to provide a wider range of accessible, relevant and affordable financial services products to those without bank accounts and low-income earners.
Postbank, whose deposits rose 14 percent to 3.3 billion rand ($446 million) in the year to end-March, has the biggest share of low-cost "Mzansi" accounts, introduced by South African banks in 2004 to extend banking services to the poor.
Postbank is expected to eventually operate as a fully fledged bank competing with the big four retail banks -- Absa (ASAJ.J), Standard Bank (SBKJ.J), Nedbank (NEDJ.J) and FirstRand (FSRJ.J). (Reporting by Tiisetso Motsoeneng; Editing by David Holmes) ($1=7.399 rand)
"Postbank would be corporatised next year as a stand-alone company within the South African Post Office group," SAPO said in a statement.
The restructuring of the unit is part of government strategy to provide a wider range of accessible, relevant and affordable financial services products to those without bank accounts and low-income earners.
Postbank, whose deposits rose 14 percent to 3.3 billion rand ($446 million) in the year to end-March, has the biggest share of low-cost "Mzansi" accounts, introduced by South African banks in 2004 to extend banking services to the poor.
Postbank is expected to eventually operate as a fully fledged bank competing with the big four retail banks -- Absa (ASAJ.J), Standard Bank (SBKJ.J), Nedbank (NEDJ.J) and FirstRand (FSRJ.J). (Reporting by Tiisetso Motsoeneng; Editing by David Holmes) ($1=7.399 rand)