African Bank has bought Grindrod Bank to deliver on its strategy of accelerating its entry into SA’s increasingly competitive business banking market.
The R1.5bn deal announced on Thursday will see African Bank acquire 100% of Grindrod Bank from JSE-listed Grindrod Ltd, the diversified freight logistics group, which has operations across Southern and East Africa, Thailand, Indonesia, Australia, Papua New Guinea and the United Arab Emirates ...
Freight! Hier kom n ding! C’mon African Bank!
What's their turnaround strategy?
Last I check AB was barely surviving.
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African Bank to buy Grindrod for R1.5 billion as it plans move into business bankingAfrican Bank has announced a deal to purchase Grindrod Bank and its holding company Grindrod Financial Holdings. This has certainly been a momentous week for us. The release of our Interim Financial Results, which saw a 145% increase in profits, has generated a lot of favourable media coverage — not only in terms of our numbers, but for the strategic aims of Excelerate25. AudaciousGrowth
Source: BusinessTechSA - 🏆 24. / 61 Read more »