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

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Fin24 Is it R15bn or R1.5bn? 🙄

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