African Bank heads for new milestone
CE Basani Maluleke says that all energy is being directed to the launch of the transactional bank
African Bank’s turnaround continues to gather pace, with the revenant lender posting its largest interim profit since its collapse nearly four years ago. The bank, which was placed into curatorship in August 2014, is aggressively growing deposits and will launch its retail bank account to the public in the final quarter of 2018. Speaking to Business Day after announcing the group’s interim results for the six months to March, CE Basani Maluleke said that all energy was being directed to the launch of the transactional bank. She was already using African Bank’s My World transactional account, together with 1,900 staff, and would have her salary deposited into the account from June. African Bank, which is state controlled through stakes owned by the Reserve Bank and the Public Investment Corporation, emerged from curatorship in April 2016. The curatorship involved stripping out the “bad bank”, which had a book value after specific impairments of R17bn, and rehabilitating the “good ban...