African Bank pursues SME market with purchase of Grindrod Bank
Purchase of the lender for R1.5bn is intended to speed up entry into business banking market
26 May 2022 - 15:31
UPDATED 26 May 2022 - 23:15
African Bank has bought Grindrod Bank to deliver on its strategy of accelerating its entry into SA’s increasingly competitive business banking market.
The R1.5bn deal announced on Thursday will see African Bank acquire 100% of Grindrod Bank from JSE-listed Grindrod Ltd, the diversified freight logistics group, which has operations across Southern and East Africa, Thailand, Indonesia, Australia, Papua New Guinea and the United Arab Emirates...
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