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

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.”

ประเทศไทย ข่าวล่าสุด, ประเทศไทย หัวข้อข่าว

Similar News:คุณยังสามารถอ่านข่าวที่คล้ายกันนี้ซึ่งเรารวบรวมจากแหล่งข่าวอื่น ๆ ได้

African Bank eyes growth in business banking with R15bn deal to buy Grindrod Bank | Fin24African Bank has acquired 100% of Grindrod Bank. The deal, worth R1.5 billion, will give African Bank an existing corporate and SME client base. | Fin24 Fin24 Is it R15bn or R1.5bn? 🙄 Fin24 AdriaanBasson What's going on here? 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
แหล่ง: News24 - 🏆 4. / 80 อ่านเพิ่มเติม »

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!
แหล่ง: BDliveSA - 🏆 12. / 63 อ่านเพิ่มเติม »

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.
แหล่ง: BDliveSA - 🏆 12. / 63 อ่านเพิ่มเติม »