The African National Congress ANC Provincial Task Team in KwaZulu-Natal says saving Ithala Bank was a top priority following their appointment in February this year.
ANC Coordinator Mike Mabuyakhulu says the bank has for decades played a vital role in supporting the livelihoods of the most vulnerable and historically marginalised communities in the province.
The looming threat of liquidation of the Ithala has been averted after a high-level political agreement between the party's KZN leadership and the national government.
Following discussions with Finance Minister Enoch Godongwana, it was confirmed that the bank will be preserved and all customer deposits fully guaranteed.
Mabuyakhulu says, "The payment administrator had already started the process that it would be actually repaying those depositors and it could only be those who deposited their money up to R100 000."