By Sivuyile Mangxaba
Several companies are showing interest in buying Saambou Bank, spokesperson Suzette Plantema has indicated.
Saambou, eighth biggest bank in South Africa, was placed under curatorship last month after a liquidity crisis attributed to bad debts in its microlending business.
The news came as Finance Minister Trevor Manuel and Reserve Bank Governor Tito Mboweni issued a joint statement of support for BoE Bank, blaming soaring cash withdrawals on the confidence problem for small banks triggered by the Saambou crisis.
Curator John Louw would announce the name of the Saambou buyer by next week, Plantema said on Thursday.
Saambou was placed under curatorship on February 9, after a loss of confidence prompted depositors to withdraw R1-billion in two days.
It is unlikely the bank will be broken up for sale, as the curator wants the bank to be disposed of as a unit.
But at Saambou on Thursday there was still no word of reprieve for frozen accounts. "Those amounts are still frozen and their future is linked to the future of the bank," Plantema said.
In their joint statement, Manuel and Mboweni said on Thursday: "There has recently been an unprecedented level of withdrawals of deposits from BoE Bank Limited. The current apparent loss of confidence in BoE is without foundation, as BoE is a well-managed, sound and solvent bank.
"It has therefore become necessary to assure the public of the unequivocal commitment of the National Treasury and the South African Reserve Bank to stand fully behind BoE and the banking system as a whole.
"Through the provision of an explicit government guarantee, all depositors of BoE are advised that their deposits are safe. Accordingly, it is business as usual for BoE."
A spokesman for BoE, Don Bowden, welcomed the declaration of confidence.
"The Reserve Bank and the Treasury have acted responsibly right through this process."
Bowden blamed the problems at BoE on speculation relating to the sale of its home loan book.
It was announced on Thursday that BoE was selling its retail mortgage book to FNB HomeLoans, a division of FirstRand, for R12-billion.
The cash will be used to enhance its liquidity position and improve returns for shareholders.
BoE chief executive Tom Boardman said it reflected a consistent commitment by BoE to focus on markets in which it could achieve a sustainable competitive advantage.
BoE gained 7 percent on the JSE on Thursday, closing at R2,84.