African Bank Limited

African Bank
Private
Industry Financial Services
Headquarters 59 16th Road, Midrand
Johannesburg, South Africa
Key people
Products Loans, Checking, Savings, Investments, Debit Cards, Credit Cards, Personal Loans
Website Homepage

South African based, African Bank Limited is a retail bank[1] that offers financial products and services to residents of South Africa. The Bank is licensed as a "locally-controlled bank" by the South African Reserve Bank ('SARB') .

Headquartered in Midrand, South Africa, the bank has a countrywide branch distribution network in addition to digital, direct marketing & contact centre, sales and service channels.

History

On the 10 August 2014, the predecessor entity, also called African Bank Limited, a subsidiary of a Johannesburg Stock Exchange listed bank controlling company African Bank Investments Limited was placed under curatorship in terms of the South African Banks Act, Act 94 of 1990,by the SARB.

The SARB announced a restructuring proposal, which together with the financial support of a number of key financial stakeholders, including a consortium of six South African banks, the SARB and the Public Investment Corporation and the restructuring of capital market liabilities of the predecessor African Bank Limited for the Bank was designed to create a new banking group to acquire the viable portion of the business of predecessor African Bank Limited.

Mr. Thomas Winterboer[2][3] was appointed as curator to implement the restructuring proposal and manage the affairs of the Bank, subject to the supervision of the Registrar of Banks.

On 2 March 2016, African Bank received the required support from the existing creditors for the Bank's restructuring proposal.

On the 4 April 2016, the new African Bank Limited opened its doors as the new entity, with the required licences and registrations required by the various regulators in place.[4]

Leadership as of March 2016[5]

See also

References

  1. ↑ List of Licensed Banks In South Africa Archived 2009-05-24 at the Wayback Machine.
  2. ↑ "African Bank curator will retire end June". Moneyweb. Retrieved 2016-04-07.
  3. ↑ "How Tom Winterboer saved African Bank". CapeTalk. Retrieved 2016-04-07.
  4. ↑ "African Bank set for Monday launch". Moneyweb. Retrieved 2016-04-07.
  5. ↑ "Executives". African Bank. 2016-04-07. Retrieved 2016-04-07.
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