The Reserve Bank has started the process of appointing an advisor to manage the sale of its 50% holding at African Bank, six years after injecting R5 billion to rescue it.
African Bank was placed under the central bank’s control in 2014 after nearly collapsing under the weight of bad loans.
African Bank said the central bank had issued a request for a proposal regarding the sale of its stake.
The Reserve Bank said it anticipated that the process would be completed within 18-24 months after the identification of a suitable buyer.
While addressing media in 2019, the Reserve Bank’s deputy governor Kuben Naidoo said the bank never intended to hold on to the shares.
“It is not the intention of the Reserve Bank to own the share for a very long time but we do want to ensure that the bank is sound and stable before we exit,” Kuben said at the time.
Partnership Programmes Could Be Key To Business Growth During Tough Economic Times
To Survive Load Shedding Your Businesses May Need To Reconsider Work Flexibility
More Needs To Be Done To Support Female Entrepreneurship In South Africa
Blockchain Innovators Flock To Joburg
Key Factors To Consider In The Retrenchment Of Employees
Coastal Property Is Still Booming According To Estate Agents
Come Meet The Game Changers
How Tech Education Is A Driver Of Equality For Both Businesses And Consumers
Africa’s WhatsApp Economy Is On The Rise
Alstom Has Supported Over 9,000 Jobs In South Africa, According To EY Report
Research Shows Debt Counselling Delivers Credit-Score Benefits
Thinking Of Listing Your Home On Airbnb? Here’s What You Need To Know