Johnathan Paoli
Gauteng Finance MEC, Jacob Mamabolo, announced on Thursday, that the due diligence report on the State Bank has been finalised and submitted to the Gauteng Provincial Government.
Mamabolo described this as a “major milestone that we have reached and gives the process at establishing the State Bank a thumbs up. We are now in a better position to move to the next level to consult with the Premier and consult broadly with stakeholders.
“The due diligence report clears the legal hurdles and provides Gauteng with a strong legal framework towards establishing a state-owned bank. We are now in a better position to move toward knowing very well that the work that we are doing complies with the legislation.” he added.
It is proposed that current market failures would be addressed by a state owned bank by means of integrating small, micro and mid-sized businesses (SMMEs) and unserved individuals
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