Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsForexCryptocurrenciesCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

S.Africa's central bank moves to sell stake in African Bank

share with twitter share with LinkedIn share with facebook
share via e-mail
02/14/2020 | 04:40am EST
A cleaner walks past a branch of African Bank in Cape Town

South Africa's central bank has started the process to appoint an advisor to manage the sale of its 50% holding in small lender African Bank, the company said on Friday, around six years after injecting 5 billion rand to rescue it.

African Bank was hived off from its listed parent, African Bank Investments, and placed under South African Reserve Bank (SARB) control in 2014 after nearly collapsing under the weight of bad loans. SARB deputy governor Kuben Naidoo said in July it would look to sell its stake in the lender within a year or two.

African Bank said in a statement on Friday that the SARB had now issued a request for proposal (RFP) regarding the sale of its stake, the first step in the process of appointing a transaction advisor.

"The SARB anticipates that the disposal process will be completed within 18?24 months after the identification of a suitable buyer," the statement said.

The move is a vote of confidence in the lender's turnaround strategy, with the SARB wanting to make African Bank viable before it exits. While the bank has grappled with a decline in customer numbers, it has also increased profits.

African Bank's other shareholders include the country's largest lenders - FirstRand, Standard Bank, Nedbank, Capitec and Investec - and a government employee pension fund.

(Reporting by Emma Rumney; Editing by Kirsten Donovan)

Stocks mentioned in the article
ChangeLast1st jan.
FIRSTRAND LIMITED -1.85% 61.05 End-of-day quote.-2.30%
INVESTEC GROUP 0.03% 87.23 End-of-day quote.0.08%
NEDBANK GROUP LIMITED -3.28% 194.81 End-of-day quote.-1.61%
NEDBANK LIMITED -0.54% 9.2 End-of-day quote.-1.08%
STANDARD BANK GROUP LIMITED -3.07% 162.5 End-of-day quote.-2.69%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news "Forex"
08:50aLet's come together to tax tech giants, say G20 officials eyeing $100 billion boost
RE
08:09aPRIME MINISTER OF HUNGARY : An ambitious Europe needs an ambitious budget
PU
07:37aMARKETS UNDERPRICE CORONAVIRUS RISK : UBS chairman on Bloomberg TV
RE
07:09aUNECA UNITED NATIONS ECONOMIC COMMISSION FOR AFR : Gabonese stakeholders mobilized for Africa's free trade
PU
07:07aBOJ's Kuroda blames yen's fall on strong dollar, upbeat on economy
RE
06:12aRBC to launch U.S. consumer bank betting on wealthy clients
RE
05:41aChina expects more transport companies to resume operations by late Feb, early March
RE
05:40aRemaining hurdles for scandal-hit Wells Fargo
RE
05:11aFrance ready to hear U.S. proposal on digital tax
RE
04:57aSamsung Electronics confirms coronavirus case at phone factory complex in South Korea
RE
Latest news "Forex"