Valerie Mmanthe Mampshika,[Bachelor of Arts in Psychology and English].
Founded by Sam Motsuenyane 6 years ago in Johannesburg,African Bank is one of the reliable retail banks in the Republic of South Africa(RSA) which offers financial products and services,and licensed as a locally controlled bank at the present moment.
Home loans,Car loans,and Personal loans (up to R250 000) … You name it all!
Anyone can apply for a loan at African Bank with a South African green book or smartcard,as long as they do not combine more than five loans into a consolidation loan by saving lower monthly repayments and a fixed interest rate.
Funds take 72 hours to reflect in the chosen bank account after a successful approval for financial assistance.Like Old Mutual,African Bank allows people to apply for bank accounts to save money, and long-term plans such as investment plan,funeral plan,education plan,strategic plan,and retirement plan recommended for parents.
Recently it has been stated that African Bank is planning to buy Grindrod Bank(founded 28 years ago in RSA,Durban),and their vision could be possible, since the financial institution has verified the latest business transaction.
African Bank says it has accomplished all the approvals to acquire 100% of Grindrod Bank,thence the banker released a statement to the media.
African Bank corroborated that all the conditions precedent to the Grindrod Bank transaction have been met, and all the necessary regulatory approvals were attained on the 6th of October 2022.
Local media publications report that the acquirement was launched in May this year,and it was rumoured that the deal to acquire Grindrod Bank was valued at R1.5-billion.
The main purpose of the merger and acquisition was to accelerate African Banks’ entry into the South African business-banking sector.
The current African Bank CEO Kennedy Bungane appointed a year ago,said the acquisition is a far-reaching step and applauded the Competition Tribunal for its efforts.
The Tribunal’s certificate avowed that after reviewing all relevant information and the recommendation of the Competition Commission, the acquisition has been approved in terms of Section 16(2) of the Act.
Giving an elucidation behind the merger,the Grindrod Bank CEO David Polkinghorne said that while it was true that Grindrod Bank recently concentrated on the higher end of the market, it had never in the past been afraid to diversify, such as, for instance,a while back the bank had an astounding record of 10 million SASSA (South African Social Security Agency) customers.
The merger meant that Grindrod Bank and African Bank were aiming to grow into a similar financial and banking market, just from opposite ends of the market,the Grindrod CEO added.
The merger is understandable,and according to the figures of Grindrod Bank,information was disclosed that the bank has R12 billion in deposits and R9 billion in loans, and at last the Grindrod bank will focus on its freight and transport corridor operations.