Jan 25, 2022

Ithala Bank To Return To Full-scale Operations After Damage In July Riots

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The bank said 49 of its properties were either destroyed, damaged or looted during the unrest.

FILE PHOTO: 49 properties were either destroyed, damaged or looted during civil unrest in July. PICTURE: Supplied

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DURBAN: It is reported that the estimated financial loss to the bank was R78 million.

Ithala Bank is set to return to full-scale operations after refurbishing most of its branches following the aftermath of the July unrest that engulfed parts of KwaZulu-Natal and Gauteng.

The bank said 49 of its properties were either destroyed, damaged or looted during the unrest.

“Four of our branches were burned to the ground, namely, Bulwer, Umgeni, KwaMashu, and Eshowe, which are all still closed due to the impact of the fire,” the Group CEO Thulani Vilakazi said.

According to Vilakazi, the estimated financial loss to the bank was R78 million.

Vilakazi said they were thrilled with the progress the bank has made in recuperating in the midst of the unexpected damage to the bank’s property.

“The destruction of branches and ATMs made it impossible for people to draw their wages or salaries and make payments. But, we are happy and relieved to announce that various Ithala branches are open again, and we are almost there with our full recovery journey. Just a few ATMs need to be installed. We have 60 working ATMs currently.

“We are unfortunately unable to open-up the burned branches but we have temporary sites we have secured for some of our unavailable branches. We appeal to our customers near closed branches to bear with us and use the nearest opened branches,” said Vilakazi.

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