SA`s first pure play Internet bank, 20Twenty, is in negotiations with a consortium of buyers to rescue it from curatorship.
While the bank cannot release details of the deal, nor say when it is expected to be completed, Michelle M"oller, 20Twenty Wired Warrior manager and member of the 20Twenty inner sanctum, says a decision should be made shortly.
Failed bank Saambou holds 65% of the 20Twenty venture as well as the banking licence and risk.
Since Saambou went into liquidation on 9 February, speculation has been rife as to what would become of its fledgling online venture.
FirstRand`s First National Bank division acquired a substantial amount of Saambou for a nominal fee of R1 in mid-May.
However, the FNB deal excluded Saambou`s micro-lending book, Internet banking portal 20Twenty, and Saambou`s IT infrastructure and staff.
These remaining assets fell into receivership until such time as a buyer could be found.
Last month, 20Twenty CEO Christo Davel confirmed the bank was in negotiations with a consortium to buy the venture, but would not disclose further details.
M"oller says the nature of the deal has resulted in the delayed announcement.
"It is a complex deal, involving many parties and a large amount of money. It is only natural that full and detailed due diligences be completed.
"I can`t give an exact date when we will announce the deal, but I can say that things are coming to a head."
At the time the bank went into curatorship with Saambou, it serviced about 40 000 clients and M"oller stressed that 20Twenty customers would be kept informed.
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