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Two new state banks eye rapid expansion

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The two new banking licences in the works for state-owned entities will technically create state-owned banks, but on a scale that is inconsequential in the overall scheme of South Africa’s concentrated financial sector.

Both Postbank and Kwazulu-Natal-based Ithala SOC are awaiting banking licences as prerequisites to planned rapid expansions into transactional banking as well as lending.

Once Ithala has a banking licence, it aims to become a fully fledged bank and establish a national footprint.

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