Extraordinary R2.7bn payment to be made to old African Bank’s senior creditors
CEO Kennedy Bungane says the payment means that senior debt holders of the old African Bank will be ‘made whole’
22 November 2022 - 15:37
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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