Postbank stands to lose R3.5bn as post office pleads for business rescue

The Post Office has entered business rescue, resulting in substantial financial losses of around R4bn and the potential loss of 7,000 jobs within its subsidiary, Postbank. Adding to the bleak situation, the group's deposits, totalling just over R8bn, lacks legal protection. Moreover, doubts persist regarding Postbank's eligibility as a fully-fledged state-owned bank. Business Day TV spoke to Business Writer, Katherine Child for more insight.