3,600 South Africans have just had their entire bond scrapped
Imagine waking up to find that your entire bond has been paid up?! These South Africans have reasons to smile this Festive Season.
It’s a good news story that’s got the country talking in the past week. Investec has made a contribution to real economic empowerment in South Africa through the distribution of title deeds to homeowners in various townships. It's distributing 3,600 title deeds for houses in 15 different townships around Gauteng.
Investec has, at its own cost, cancelled the mortgage bonds registered over the properties. The title deeds are being returned to the registered owners, and the substantial underlying debt is also being waived.
“One of Investec’s most cherished values is that we strive to live in society, not off it. This is something of a mantra inside the bank that we live by,” says Richard Wainwright, CEO of Investec Bank Ltd.
CSI head Setlogane Manchidi joined Brent Lindeque in the JacPod studio this week to discuss the incredible initiative.
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