African Bank eyes growth in business banking with R15bn deal to buy Grindrod Bank | Fin24

The deal, worth R1.5 billion, will give African Bank an existing corporate and SME client base.

Over and above the typical corporate and SME lending products business bankers have, it has a specialised property finance division for the commercial and industrial property that offers bridging finance for landlords over and above mortgage loans. So, Grindrod Bank will also provide a strong entry point for African Bank into the property finance market.

It also has a much bigger loan book for corporates and SMEs compared to African Bank's R1.5 billion. Grindrod Bank reported R8.3 billion in loans and advances at the end of 2021.

Fin24 Our acquisition of Grindrod means that we will be even better placed to service the needs of entrepreneurs and SMMEs, providing holistic solutions that transcend traditional business banking offerings. AudaciousGrowth

Fin24 AdriaanBasson What's going on here?

Fin24 Is it R15bn or R1.5bn? 🙄

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BANKING INDUSTRY: African Bank CEO takes up audacious challenge to restore lender’s original legacyPerhaps one day a time will come when people remember this bank for its true origins – when in 1964 Sam Motsuenyane and a group of bold black businessmen started a bank ‘for the people’ – rather than for its disgrace, when its reckless microlending practices nearly sank it, forcing the SA Reserve Bank and bigger SA banks to step in.
Source: dailymaverick - 🏆 3. / 84 Read more »