Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)RegulationsDeposit Insurance Regulations, 2024Chapter VI: Public Awareness26. Depositor awareness of mergers and amalgamations or transfer or sale of deposit books |
| (1) | If a bank is a party to an amalgamation or merger transaction as contemplated in section 54 of the Banks Act, or where a bank’s deposit book is transferred to another bank, the affected bank must notify its depositors at least 30 days before the transaction effective date or, where applicable, as soon as possible after the bank is required to announce information relating to the transaction through a Stock Exchange News Service. |
| (2) | If the Resolution Authority facilitates a transaction referred to in subregulation (1) the prescribed notification period does not apply. |
| (3) | A bank must give a qualifying depositor a period of 90 days following notification in accordance with subregulation (1) to withdraw or transfer their qualifying product or any part of the product to another bank without incurring any costs. |