The South Africa Reserve Bank is likely to sell its stake of African Bank in the coming two years, provided the bank is financially sound and there is sufficient market appetite to take up the central bank’s stake.Kuben Naidoo, who was speaking at the release of the authority’s first annual report on Thursday. The authority is housed within the SARB is responsible for regulating, among other things, banks, insurance companies, co-operative financial institutions.
“At some point we do intend to dispose of our stake. It is not the intention of the Reserve Bank to hold the shares for a very long time, but we do want to ensure the bank is sound and stable before we [take that step]. The “new” African Bank was launched in 2016, and according to the authority, it continues to operate in a stable manner. As at March 2019 it held assets of R28.2-billion, while its total deposits sat at R17.9-billion.
Naidoo was however optimistic that this concentration in the sector will start to decline in the coming years as new entrants find their feet.
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