Clients of online bank 20Twenty will no longer be able to withdraw or deposit their money at Saambou branches from the end of this month.
20Twenty said last month that talks about its future were "coming to a head". However, the closure of Saambou branches at the end of this month means clients wanting to deposit their money or to withdraw cash at a physical branch will not be able to do so at Saambou.
The online bank has said previously that its clients will still be able to swipe their MasterCards and use their cards at ATMs.
Banking group FirstRand announced in May that its First National Bank (FNB) division would acquire a substantial amount of Saambou for a nominal fee of R1.
The deal excluded Saambou`s micro-lending book, 20Twenty, and Saambou`s IT infrastructure and staff. In terms of the deal those remaining assets were to fall into receivership until a buyer could be found.
20Twenty CEO Christo Davel says he cannot comment about the state of negotiations about the online bank`s future as nothing has been finalised, but he confirmed that Saambou`s branches will be closed at the end of the month.
He said in June that it was in talks with a consortium of potential buyers.
Davel says arrangements have been made with one of the big four banks to allow 20Twenty clients to make deposits. An announcement will be made soon, possibly even tomorrow.
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