Competition Tribunal gives nod to merger between African Bank and Grindrod Bank

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The purchaser will gain a bigger footprint in business banking when it incorporates the target into its operations

The Competition Tribunal has approved the proposed merger that will see African Bank acquire Grindrod Bank in a R1.5bn deal.

“The tribunal has unconditionally approved the large merger wherein African Bank intends purchasing all of the issued ordinary shares in Grindrod Financial Holdings and all of the issued preference shares in Grindrod Bank from Grindrod Ltd as one indivisible transaction,” the tribunal said in a statement on Friday. ..

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