BIS Review 53/2002  5  Domestically the South African banking sector was characterised by a process of consolidation triggered by the difficulties of some small banks. This trend intensified after the announcement that Saambou Bank Limited, the seventh-largest bank in South Africa, would be placed under curatorship from 9 February 2002.
As a result, there were significant withdrawals of deposits from some smaller banks in general and BoE Bank Limited in particular.