African Bank buying Grindrod Bank for R1.5bn, with eye on business banking
The Dollars Demonstrate interviews Zweli Manyathi, Team Govt for Enterprise Banking at African Bank.
African Bank’s declared a R1.5 billion deal to get financial investment-targeted Grindrod Financial institution, owned by Grindrod Restricted.
This will speed up its entry into the organization banking sector.
We are thrilled to announce that #AfricanBank has acquired 100% of Grindrod Financial institution 💚💙 Our audacity to believe will see us realise the dream of remaining a lender for the individuals, by the people today, serving the people! #AudaciousGrowth pic.twitter.com/iw62WQ1hello2
— African Lender (@AfricanBank) Might 26, 2022
CEO Kennedy Bungane explained to The Money Present that African Bank’s ‘Excelerate25’ tactic is aimed at going it absent from becoming just a monoline products participant in unsecured lending, to diversifying into a thoroughly-fledged retail and small business bank.
Relevant: African Lender additional than doubles its 50 %-yr earnings with new method
Ray White interviews Zweli Manyathi, African Bank’s Group Executive for Business Banking.
The strategic optionality the Grindrod acquisition presents us, is an entry into business enterprise banking which is an ambition which was articulated in the strategy ‘Excelerate25’.
Zweli Manyathi, Team Executive: Enterprise Banking – African Bank
Listen to Manyathi explain African Bank’s eyesight down below: