African Bank acquired Grindrod Bank for R1.5 Billion

African Bank has acquired 100% of the Durban based Grindrod Bank for the value of R1.5 billion. The deal which will allow the bank to accelerate its entry into the South African business banking sector. The Grindrod Bank is owned by Grindrod Limited.

In a stetement, African Bank’s chief executive officer, Kennedy Bungane said, “Following the release of our successful half-year results this week, our acquisition of Grindrod Bank enables us to further realise our business banking aspirations and advance our ambitions in this respect in acquiring valuable sectoral expertise and an existing customer base.

“We announced earlier this year the formation of our business banking division as part of a strategy to diversify and develop a fully-fledged middle of the pyramid business banking offering. This acquisition allows us to do that efficiently and rapidly, and we look forward to incorporating Grindrod Bank into our stable.”

Andrew Waller, Grindrod Limited chief executive officer said, “Both Grindrod Limited and Grindrod Bank believe African Bank, with its strategy of building a scalable and sustainable diversified offering across the consumer and business banking segments, is the appropriate shareholder to support Grindrod Bank’s growth strategy. It is a perfect fit for its employees and clients. 

Please follow and like us:

Leave a Reply

Your email address will not be published.

Social Share Buttons and Icons powered by Ultimatelysocial