African Bank says senior creditors of Residual Debt Services (RDS) — the old African Bank that was placed under curatorship in 2014 — have received R4.6bn in payments to settle outstanding debt owed to them.

The bank also says a further R2.7bn will be made available to fully repay the senior unsecured debt holders of RDS and make a first part repayment to the subordinated debt holders, according to a statement issued on Tuesday. African Bank CEO Kennedy Bungane said the extraordinary payment meant senior debt holders of RDS would be “made whole”...

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