JOHANNESBURG, (Reuters) – South Africa’s central bank has announced that Ubank is now under a curatorship. This effect takes place immediately.

KPMG South Africa has been appointed administrator by the South African Reserve Bank (SARB). The bank is still open and highly liquid. Lesetja Kganyago, governor of South Africa’s central bank, said this in a briefing.

Because of liquidity problems, the central bank can place a bank under curatorship. This allows it to appoint an administrator who will run the bank.