Brian Sokutu
Senior Print Journalist
3 minute read
9 Jul 2021
5:05 pm

SA youth in the forefront of buying African Bank

Brian Sokutu

Among experts forming part of the NDAX team is veteran broadcaster and communications expert Lunga Williams, who has been appointed chief communications officer.

RAISING THEIR HANDS: NDAX CEO Trevor Tambo (left) and communications chief Lunga Williams. NDAX, which is largely composed of skilled young South Africans, is among business entities which have shown considerable interest in acquiring the SA Reserve Bank stake in African Bank. Picture: Supplied

As the SA Reserve Bank (SARB) moves closer to selling its 50% stake in African Bank Limited, South African business entities have shown considerable interest in acquiring one of the country’s oldest black-owned financial institutions. Valued at over R28 billion, the African Bank is a retail financial institution offering commercial products and services. The SARB bought African Bank shares to save the bank from collapsing after it and its parent company, African Bank Investment Limited, was placed under curatorship in 2014, due to a soaring bad debt. In saving the African Bank from a collapse, the SARB made its intentions...