The Department of Communications and Digital Technologies said Postbank needs a banking licence to operate independently from the SA Post Office (SAPO), but that SAPO's financial position is hindering the process.
In order to finalise its corporatisation and separation from SAPO, Postbank needs to obtain a banking licence to operate as a fully fledged bank. However, for this to pass, one of the requirements of the SA Reserve Bank is for Postbank to have a bank-controlling company (BCC). But SAPO itself cannot be registered as a BCC because of its poor financial standing.
At a briefing in Parliament on Wednesday, the Portfolio Committee on Communications said the Reserve Bank requested that there be a BCC for the licence-application process. The BCC would act as a holding company for Postbank.