African Bank buying Grindrod Bank for R1.5bn, with eye on business banking
African Bank's announced a R1.5 billion deal to acquire investment-focused Grindrod Bank, owned by Grindrod Limited.
This will accelerate its entry into the business banking sector.
We are excited to announce that #AfricanBank has acquired 100% of Grindrod Bank 💚💙 Our audacity to believe will see us realise the dream of being a bank for the people, by the people, serving the people! #AudaciousGrowth pic.twitter.com/iw62WQ1hi2— African Bank (@AfricanBank) May 26, 2022
CEO Kennedy Bungane told The Money Show that African Bank's 'Excelerate25' strategy is aimed at moving it away from being just a monoline product player in unsecured lending, to diversifying into a fully-fledged retail and business bank.
Ray White interviews Zweli Manyathi, African Bank's Group Executive for Business Banking.
The strategic optionality the Grindrod acquisition gives us, is an entry into business banking which is an ambition which was articulated in the strategy 'Excelerate25'.Zweli Manyathi, Group Executive: Business Banking - African Bank
Listen to Manyathi explain African Bank's vision below:
This article first appeared on CapeTalk : African Bank buying Grindrod Bank for R1.5bn, with eye on business banking