Source: Vardospan |

Vardospan vision for 100% black-owned bank still alive – Hamza Farooqui in for the long haul

The urgent application brought by Vardospan to compel the South Africa Reserve Bank and the Finance Minister to take a decision regarding the applications for permission to purchase the shares in the Habib Overseas Bank, was struck from the roll for a lack of urgency

Hamza Farooqui of Vardospan comments on the latest Court developments regarding his attempt to create a 100% owned challenger bank: “The urgent application brought by Vardospan to compel the South Africa Reserve Bank and the Finance Minister to take a decision regarding the applications for permission to purchase the shares…

Source: Vardospan |

Finance minister Pravin Gordhan needs to put up or shut up on 100% black-owned bank

"We have been left with no alternative but to take this to Court" - Hamza Farooqui, Director of Vardospan

Hamza Farooqui and Salim Essa’s Vardospan has filed court papers calling on Finance Minister Pravin Gordhan to either put up or shut up on the acquisition of Habib Bank. If the acquisition of Habib Bank by Vardospan was to complete, it would bring new competition to a sector dominated by…

Source: Vardospan |

Hamza Farooqui comments on rumour that SARB has recommended banking apartheid is maintained

If Vardospan were to be successful in its bid to acquire Habib Overseas Bank, it would be a significant first step in ending the banking apartheid that plagues South Africa, almost a quarter of century after liberation

On Friday (3 February), Bloomberg News published a story in which it claimed the South African Reserve Bank (SARB) made a recommendation to the Treasury that Vardospan’s bid to create South Africa’s first 100% black-owned bank, should be rejected. If Vardospan were to be successful in its bid to acquire…