In another development that will aid the rehabilitation of African Bank as a stand-alone financial institution, the company has announced it has received shareholder support to begin tapping the bond market for funding as and when required.
The shareholder backing would allow African Bank to return to the capital markets for the first time since crumbling under a load of toxic loans in 2014 that forced the Reserve Bank to team up with lenders and the Public Investment Corporation to inject cash and carve out a"good bank"using its healthy credit book.
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African Bank to return to corporate bond market for fundingShareholders have committed to underwriting a maximum of R8bn of fixed and floating rate bonds over a period of nearly three-and-a-half years
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