Futuregrowth lifts ban on Land Bank lending

Following extensive review of the Land Bank’s governance and investor protection mechanisms, Futuregrowth has lifted its suspension on lending activities to the bank with immediate effect.

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According to a statement issued by the Land Bank, this came after the bank’s proactive and constructive engagement with a large group of current and potential funders.

Futuregrowth, an asset management company that manages assets worth R170 billion, had earlier this month suspended lending activities to the bank.

TP Nchocho, Land Bank CEO, said that the bank remained determined to maintain the highest levels of corporate governance, independence of decision-making and to protect the interests of its funders.

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“Futuregrowth is a key development partner of the Land Bank and we look forward to further strengthening our relationship with [it] and all our funders,” according to him.