The provincial Economic Development Portfolio Committee has also pledged its support to the bank in its fight against liquidation.

The IFP has vowed not to allow the liquidation of Ithala Bank, similar to what happened with VBS Mutual Bank.

The party’s Treasurer-General, Narend Singh, emphasised the continued relevance of Ithala Bank.

“We know that the banks we have still face difficulties in granting loans to people who may not have enough security, particularly those in rural areas and emerging entrepreneurs. The KwaZulu Finance Corporation acted as a vehicle to provide financial support, and many business houses we have today started with finance from the KFC,” Singh said.

“We are all working very hard with Treasury and the Minister of Finance nationally to put measures in place to ensure the continued existence of Ithala Bank,” he added.

--SABC/ChannelAfrica--