Grindrod offers clarity on Sassa profit

Grindrod Bank receives about R2.50 for every South African Social Security Agency (Sassa) card a year, says non executive director Pieter Uys. The profit on the Sassa accounts was about R35m a year, he said on Thursday. Uys, a Remgro director, said Grindrod Bank did not cross-sell banking services to the holders of its 10.5-million Sassa accounts. Remgro, which has a 23% interest in the bank’s holding company Grindrod, is one of five big shareholders.

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