This follows the Competition Tribunal’s approval of its acquisition of Grindrod Bank with no conditions and the subsequent issuing of a merger clearance certificate. The Tribunal’s certificate stated that after reviewing all relevant information and the recommendation of the Competition Commission, the acquisition has been approved in terms of Section 16 of the Act.
Bungane said this marks the beginning of African Bank welcoming Grindrod Bank into its fold and the positive contribution the institution will make in reinforcing and building its business banking capacity.
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