Brian Sokutu
Senior Print Journalist
3 minute read
12 Jul 2021
5:32 am

Youth-led entity frontrunner to buy Sarb’s stake in African Bank

Brian Sokutu

Valued at over R28 billion, African Bank is a retail financial institution offering commercial products and services.

Picture: Gallo Images/Lefty Shivambu

As the SA Reserve Bank (Sarb) sale of its 50% stake in African Bank Limited has moved into gear, local business has shown considerable interest in acquiring one of the country’s oldest black-owned financial institutions, with youth-led entity NDAX emerging as a frontrunner. The Sarb bought African Bank shares to save the bank from collapsing after it and its parent company, African Bank Investment Limited, were placed under curatorship in 2014, due to soaring bad debt. Valued at over R28 billion, African Bank is a retail financial institution offering commercial products and services. In resuscitating African Bank, the Sarb made...