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African Bank on track for expansion
Finance chief Gustav Raubenheimer welcomes the bank's lack of legacy systems
African Bank is revamping all its branches and opening in new areas as it gears up to launch its transactional banking product in the fourth quarter of 2017, which will include a credit card offering, says CEO Brian Riley. "We plan to compete on pricing, functionality and product," Riley said on Friday, discussing its transactional banking offering, which he said would be omnichannel, meaning customers could engage with the bank in whatever way they chose. African Bank, which was relaunched on April 4 2016, surprised shareholders when it reported operating profit after tax of R269m for the period to the end of September. The forecast was for an operating loss of R280m. Today the bank has a gross loan book of roughly R30bn, reflecting its more conservative approach to lending.
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