Pretoria | Wednesday
NO buyer had been found for Saambou by Wednesday, but plans were afoot to get it up and running again, curator John Louw said.
Monday was the last day for offers for the bank, which was placed under curatorship last month.
”The environment in which offers were initially solicited has changed significantly and by 18 March 2002 developments in the banking sector have necessitated changes in the business models and strategies of potential bidders,” Louw said in a statement.
”Consequently no binding offers for the bank or its entire business have yet been received. The curator has entered into sensitive negotiations and is considering all options aimed at finding the best solution for Saambou Banks depositors,” Louw said.
Louw said that the Finance Minister and the governor of the Reserve Bank had approved an option to look at a public-private sector partnership to restructure Saambou and facilitate its return to the private sector.
Another option considered was a structured piecemeal disposal of assets, the statement said.
According to Louw, both these options were internationally accepted.
He would announce his decision and the anticipated roll-out of the process decided upon in due course.
Louw said he was not in a position to give an indication of when Saambou Bank depositors would be given access to all funds.
An announcement about the payment of a further portion of interest would be made in press advertisements on Sunday.
The process to be followed now was quite complex and would unfortunately lead to a delay for depositors trying to get hold of their money, Louw said.
”But it is good news in a sense. There is a proposal to get the bank back up and running.” – Sapa