African Bank has completed its acquisition of prominent micro-lenders Ubank after it announced that it was the successful bidder to purchase most of Ubank’s disclosed assets and liabilities.
The bank is tightening its credit risk appetite again, citing that the current economic environment is putting a strain on households' financial health. Chief executive officer Kennedy Bungane said the UBank transaction was an essential element to building a scalable and sustainable banking business with a compelling listable proposition.
He also added that the deal advanced the principle of inclusivity and goes a long way towards meeting their founding philosophy of being the bank of the people.Ubank’s customers will be migrated to African Bank’s MyWorld product, which offers a higher degree of personalisation, lower fees and more competitive value.
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I want a business account AfricanBank please
Hola KGB!..
Well done to African Bank. Let's hope African Bank will fund African businesses like REMGRO and ARC funds white businesses
Congratulations, KGB.
African Bank is on the right direction, can't wait for its listing on the Stock Exchange.
They never learn. They like inheriting problems then fail to sort them out.