'Ithala saved': ANC KZN’s Jeff Radebe confirms bank will remain operational

ANC KwaZulu-Natal (KZN) Convenor Jeff Radebe says the provincial leadership has averted the liquidation of Ithala Bank, preserving a critical financial institution that supports thousands of vulnerable families and small businesses across the province.

Radebe and ANC KZN Coordinator Mike Mabuyakhulu addressed members of the media on Tuesday, outlining key outcomes regarding the future of the Ithala bank, the recent provincial summit, and the formation of new regional task teams.

The ANC in KwaZulu-Natal held the briefing at the ANC Provincial Office in Durban to share critical developments affecting the province’s socio-economic and political trajectory.

“Ithala Bank has for decades played a vital role in supporting the livelihoods of the most vulnerable and historically marginalised communities in our province,” said Radebe.

He noted that the institution faced the risk of forced liquidation following legal and regulatory challenges raised by the South African Reserve Bank and the Prudential Authority.

“This would have posed a devastating threat to the economic futures of thousands of families and small businesses across KwaZulu-Natal,” he said.

“Faced with this looming crisis, may I say, a catastrophe, the ANC in KwaZulu-Natal, under the leadership of the province, has engaged in decisive and strategic interventions.”

Radebe confirmed that following engagements with Finance Minister Enoch Godongwana and national leadership, “a breakthrough has been reached. Ithala will not be liquidated.”

He described the outcome as “a result of the ANC’s leadership, proactive governance, and very deep commitment to safeguarding the institutions that serve the economic needs of our people.”

The ANC has proposed several measures to ensure the long-term viability of Ithala, including stronger governance, enhanced compliance, strategic partnerships, and a turnaround strategy focused on transparency and accountability.

Radebe also announced the finalisation of Regional Task Teams (RTTs) across all 11 regions of the province.

“These task teams consist of capable, disciplined and committed cadres who have demonstrated unwavering loyalty to the movement and a capacity for organisational leadership,” he said. 

The task teams include Don Gumede from the eThekwini Region, a seasoned and respected organiser with extensive political experience; Belinda Scott, former MEC for Finance and Deputy Mayor of eThekwini, known for her professionalism, leadership, and clean governance; Zet Luzipho from the Moses Mabhida Region, a principled trade unionist deeply rooted in the struggles of workers and community development; and  Nathi Mdladla, a long-standing and respected ANC activist and leader with a distinguished history in the liberation movement and as a veteran of Umkhonto weSizwe.

“This team will spearhead our efforts to rebuild the ANC’s organisational machinery at all regional levels, restore member confidence and reignite action that is rooted in community service and revolutionary discipline,” said Radebe.

Radebe reaffirmed the ANC’s commitment to both institutional protection and internal renewal.

''We remain as the ANC steadfast in our resolve to serve our people of KwaZulu-Natal with honesty, with discipline and with humility.''

Moreover, Radebe said the ANC will continue to defend institutions like Ithala and lead internal renewal processes with agency and with courage.

''Let us work together to build a KwaZulu-Natal that is just, that is united and prosperous, as the ANC celebrates the 70th anniversary of the Freedom Charter.”

hope.ntanzi@iol.co.za

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