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African Bank pursues SME market with purchase of Grindrod Bank

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Purchase of all of Grindrod for R1.5bn is intended to speed up entry into business banking market

African Bank has bought Grindrod Bank to deliver on its strategy of accelerating its entry into SA’s increasingly competitive business banking market.

The R1.5bn deal announced on Thursday will see African Bank acquire 100% of Grindrod Bank from JSE-listed Grindrod Ltd, the diversified freight logistics group, which has operations across Southern and East Africa, Thailand, Indonesia, Australia, Papua New Guinea and the United Arab Emirates...

 

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Using newly state received recapitalization money to give it over to WMC that just lost the grants payment tender.

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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
Source: News24 - 🏆 4. / 80 Read more »

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!
Source: BDliveSA - 🏆 12. / 63 Read more »

African Bank to buy Grindrod for R1.5 billion as it plans move into business bankingAfrican Bank has announced a deal to purchase Grindrod Bank and its holding company Grindrod Financial Holdings. This has certainly been a momentous week for us. The release of our Interim Financial Results, which saw a 145% increase in profits, has generated a lot of favourable media coverage — not only in terms of our numbers, but for the strategic aims of Excelerate25. AudaciousGrowth
Source: BusinessTechSA - 🏆 24. / 61 Read more »