Bank Of Africa Limited Is A Retail Bank In South Africa Offering Financial Products And Services. The Bank Is Licensed As A'locally Controlled Bank 'by The South African Reserve Bank (SARB). Headquartered In Midland, South Africa, The Bank Has A Nationwide Branch Distribution Network In Addition To Providing A Full Digital Channel; As Well As Sales, Collections And Client Server Contact Centres.
Overview
Bank Of Africa Limited Had A Total Asset Value Of 28.695 Billion South African Rand And Shareholders' Equity Of 11.08 Billion South African Rand As Of 30 September 2022. In 2019, The Bank And Its Subsidiaries And Affiliates Employed 3,886 Staff
At The 1964 National Federal Chamber Of Commerce (NAFCOC) Conference, There Were Calls To Establish A Bank For Black South Africans. Sam Mostuenyane, Who Was Leading NAFCOC At The Time, Tried To Raise Funds To Start The Bank, But Failed. It Was Not Until 1975 When Rand 1 Million Was Raised And Approved By The Reserve Bank That It Was Established. The Original African Bank Limited Was Established On 31 July 1975 As A Subsidiary Of African Bank Investment Limited, Then A Bank Holding Company Listed On The Johannesburg Stock Exchange. A Branch Opened In Ga-Rankuwa, Near Pretoria.
In 1995, The Bank Ran Into Financial Difficulties And Its Controlling Stake Was Acquired By Natal Building Society And New African Investments Limited For 100 Million Rand. They Restructured The Bank From A Deposit Taker To A Lending Bank And Re-listed It On The JSE. In 1998, Theta Investment Group Limited Was Granted A License As A Bank. In 1999, Theta Changed Its Name To African Bank Investments Limited (ABIL).
On 10 August 2014, The South African Reserve Bank Placed The Former African Bank Limited Under Supervision Under The Terms Of The South African Banking Act No. 94 Of 1990. Thomas Winterboer Has Been Appointed As The Curator To Implement The Restructuring Proposal And Manage The Banking Affairs, Under The Supervision Of The Registrar Of Banks. What Can Be Determined Is That There Was Bad Lending Behaviour At The Original Bank, Resulting In The Write-down Of Non-performing Loans.
SARB Has Announced A Restructuring Proposal, Which Has Been Supported By A Consortium Of Six South African Banks And The Public Investment Corporation. A New Banking Group, African Bank Holdings Limited, Has Been Formed To Take On The Viable Assets And Some Liabilities Of The Old Bank. The Damaged Part Of The Legacy Bank And Operations Has Been Renamed Remaining Debt Services Limited (RDS). RDS Surrendered Its Banking Licence On 4 April 2014.
On April 4, 2016, The New African Bank Limited Opened As A New Entity And Received The Required Licenses And Registrations From Various Regulators.
In May 2022, African Bank Announced A Deal To Acquire Grindrod Bank And Its Holding Company, Grindrod Financial Holdings. African Bank Said The Rand-worth Acquisition Will Help Bring Commercial Banking Into Its Services As Grindrod Bank Has 26 Years Of Specialized Experience In Corporate And Investment Banking
The Chairperson Of This 12-member Board Is Non-executive Director Thabo Dloti. The CEO Is Kennedy Bungane.
