IFP supporters marched into Durban on Monday as the party ramps up its campaign to save Ithala Bank amid the liquidation case hovering over the black-owned bank.
Party members arrived at King Dinuzulu Park at about 10am and marched to the Durban City Hall.
Senior party leaders, including Premier Thamsanqa Ntuli, are expected to address the crowd at city hall.
The Prudential Authority, an entity of the South African Reserve Bank, has brought the application for the liquidation of Ithala Bank.
The PA alleged that the attempt to liquidate Ithala, which was formed in 1958, was due to non-compliance issues.
The bank’s management has rejected the allegation, arguing that it is compliant. The matter is expected to be heard next month at the Pietermaritzburg High Court.
Busisiwe Ngcongo from uLundi, who was part of the march, told the Daily News, that the closure of Ithala would be a big blow if it was allowed to happen.
“This bank is for the black people who are sidelined by the big commercial banks. We should all fight to save the bank from liquidation. We came from uLundi to express our anger about the plan to have the bank liquidated,” said Ngcongo.
Another IFP supporter Thami Mkhize from uMlazi echoed her sentiments.
“There are people who are bent on killing Ithala Bank. That is why we will continue to fight as IFP supporters to stop Ithala Bank from being liquidated. Ithala Bank belongs to the poor people and we will continue to fight to save it,” said Mkhize.
Many organisations and political parties have thrown their weight behind the campaign to save Ithala Bank.
The uMkhonto weSizwe Party (MKP) and the ANC are among the parties that have declared their support for Ithala.
King Misuzulu KaZwelithini has also publicly stated that he backs the bank amid its legal bid to stay afloat.
The Government of Provincial Unity (GPU), which includes the IFP, the ANC, the DA and the NFP, is also in Ithala’s corner.
DAILY NEWS