South African bank's accounts frozen

SOUTH AFRICA - Deposits have been frozen at the eighth largest bank in Africa after bankruptcy fears spurred savers to withdraw more than 1bn rand (£61m; $87m) last week.

Fears that Saambou Bank's bad debts in its microlending business, which lends small sums to individuals and small businesses, could pull it under were growing among customers who were left unable to access their accounts.

Saambou has a 5% share of the country's retail savings market.

The run on the bank led the central bank

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