Worker's bank opens new branch

The event introduced the bank's vibrant new look, which is more reflective of the bank itself and the aspirations of its customers. The choice of Westonaria for the Teba Bank flagship branch appropriately reflects the origins of the bank in the mining industry. Westonaria is a mining town and mineworkers have built the bank over many years to be the thriving institution it is today.

“Our vision is to be the ‘workers' bank of choice'” says CEO Mark Williams. “We have grown organically over 30 years and may be the only broad-based black-owned bank in South Africa. It has been built by mineworkers, but the time has come to open the doors to all workers”.

Derek Elbrecht, Treasurer General of National Union of Mineworkers (NUM) said that the response to an NUM sponsored resolution – put before COSATU affiliates and their two million members – showed an overwhelming support for the bank as the ‘Worker's Bank of Choice'”. He also welcomed the bank's growth by reiterating, “The duty of Teba Bank is to provide products that are the weapons in the war against poverty” and encouraged the bank to develop innovative products to meet the needs of the unbanked and in particular, the rural poor.

Williams said, “… We are cultivating a social consciousness within the bank that manifests the needs of our owners – the mineworkers and their families. We will ensure that our customers are empowered through knowledge to manage their finances – this is the key to poverty alleviation and sustainable, flourishing communities!”

The new branch is situated in a prime location at the new Pick & Pay Shopping Centre, on the corner of Forbes and McGregor Streets.