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SARB receives Postbank application as ANC piles on pressure

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Cape Town – The South African Reserve Bank (SARB) has confirmed receiving a submission from Postbank for a banking licence as the African National Congress (ANC) puts pressure on government to speed up the process.

A need for faster financial sector transformation was tabled at the ANC policy conference this week, Nomura economist Peter Montalto told investors in a note on Wednesday. He said “there is more pressure now on setting up a state bank, faster”.

The ANC reportedly wants government to push through the state bank within six months.

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