Tribunal approves African Bank acquisition of Grindrod Bank

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African Bank says it welcomes all approvals it has received to date for its acquisition of 100% of Grindrod Bank. All the conditions precedent to the Grindrod Bank transaction have been met, and all the necessary regulatory approvals were obtained on 6th October 2022.

This follows the Competition Tribunal’s approval of its acquisition of Grindrod Bank with no conditions and the subsequent issuing of a merger clearance certificate. The Tribunal’s certificate stated that after reviewing all relevant information and the recommendation of the Competition Commission, the acquisition has been approved in terms of Section 16 of the Act.

Bungane said this marks the beginning of African Bank welcoming Grindrod Bank into its fold and the positive contribution the institution will make in reinforcing and building its business banking capacity.

 

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