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TURNAROUND STRATEGY: African Bank takes a leap into business banking with R1.5bn acquisition of Grindrod Bank

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The landmark acquisition will see African Bank return to its true calling three decades after the bank was formed in 1964 – servicing small business.

African Bank has announced its intention to acquire 100% of Grindrod Bank for R1.5-billion, slightly less than Grindrod Bank’s net asset value of R1.67-billion.

While African Bank is unlisted, the Grindrod share jumped 9% on the news, with market commentator, The Finance Ghost, describing it as a “cute” deal.Grindrod, a listed logistics and freight operator, has long wanted to separate its freight and banking services businesses, seeing them as not complementary.

It also announced an inaugural business loan of R1.5-billion to Blue Label Telecoms, which will fund its roll-out of handsets to airtime and electricity vendors in the townships. “This means that entrepreneurs will soon have access to a support network, allowing them to focus on growing their business.”

 

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African Bank buys Grindrod Bank for R1.5bn to move into business bankingCEO Kennedy Bungane says the purchase may delay his bank’s planned listing What's their turnaround strategy? Last I check AB was barely surviving. Freight! Hier kom n ding! C’mon African Bank!
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African Bank pursues SME market with purchase of Grindrod BankPurchase of all of Grindrod for R1.5bn is intended to speed up entry into business banking market Using newly state received recapitalization money to give it over to WMC that just lost the grants payment tender.
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