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Capitec vs FNB, - what is the general consensus?
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<blockquote data-quote="Drifter" data-source="post: 787062" data-attributes="member: 13448"><p>What I recall vaguely is that African Bank transgressed all the rules of responsible lending and ended up with so much bad debt that they were unable to continue.</p><p>ABSA was a shareholder (in that money from ABSA call account holders was invested in African Bank loans) and had to bail African Bank out. This was done by taking a portion of the balance of ABSA call account holders' funds and giving that to African Bank.</p><p></p><p>Strange that they did not change their name after getting back on their legs. The "African Bank" name is pretty much spoilt.</p></blockquote><p></p>
[QUOTE="Drifter, post: 787062, member: 13448"] What I recall vaguely is that African Bank transgressed all the rules of responsible lending and ended up with so much bad debt that they were unable to continue. ABSA was a shareholder (in that money from ABSA call account holders was invested in African Bank loans) and had to bail African Bank out. This was done by taking a portion of the balance of ABSA call account holders' funds and giving that to African Bank. Strange that they did not change their name after getting back on their legs. The "African Bank" name is pretty much spoilt. [/QUOTE]
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Capitec vs FNB, - what is the general consensus?
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