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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...

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