The R80 million cash deal comes just three months after African Bank agreed to buy Grindrod Bank for R1.5 billion to expand its business-lending operations. Ubank is one of the smallest locally registered retail lenders in South Africa and many of its customers live outside of large urban centers.
African Bank used to be the country’s biggest provider of unsecured loans to the low-income market, but went into administration in 2014 after bad debts rose and the market shunned its bond sales, which was its only means of raising capital at that time.
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