JOHANNESBURG - First National Bank on Thursday welcomed the judgment delivered by the Equality Court to dismiss the matter relating to allegations of racial discrimination on interest rates by Saambou Bank.
Private financial consultant, Emerald Van Zyl, took the matter to court alleging that more than 4,000 primarily black customers with mortgages were charged 30 percent or more on their home loans. At the time, the North Gauteng High Court found that, after all the evidence had been led and all witnesses cross-examined, the claims that Saambou charged black people higher interest rates than white people were “completely unfounded”.
"We've always maintained that the callous use of racial allegations is irresponsible and unacceptable. There has never been any evidence to suggest that race played any role in Saambou’s determination of interest rates for its customers," Mhlongo said.
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