Curator appoints CE for African Bank's ‘good bank’
A NEW CEO was on Tuesday appointed to the “good” part of African Bank in the latest step in its curatorship.Former Wesbank CEO Brian Riley will lead the entity which has the good loans of African Bank and which will absorb Stangen, the insurance arm of the failed African Bank Investments Limited.Mr Riley’s hiring also gives the “good” bank an opportunity to grow in vehicle asset financing although this type of lending is expected to be done on an unsecured basis in the short term.In the past African Bank owned the commercial vehicle asset finance division, which is now known as SA Taxi and owned by Transaction Capital.Mr Riley’s appointment comes as Parliament is expected to approve the Banks Act Amendment Bill today, which curator Tom Winterboer hopes will allow him the flexibility to restructure and make an offer on repayments to creditors.He hoped to form the good bank by the end of September, Mr Winterboer said yesterday, although a listing on the JSE would probably happen only ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.