African Bank and its R1.5bn acquisition, Grindrod Bank, have embarked on a 100-day bedding-down process aimed at plotting the way forward for how the deal will kick-start the creation of a new business banking unit within the merged entity.

Though the deal is pending approval from regulators ranging from the Prudential Authority (PA) to the National Credit Regulator, competition authorities and finance minister Enoch Godongwana, the two lenders do not expect any hurdles. Nevertheless, Zweli Manyathi who runs African Bank’s new business banking unit in which Grindrod Bank will be housed, says the integration process needs to be carefully considered given that regulatory approval is still pending...

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.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.