FEATURE
The resurrection of African Bank
Under new CEO Kennedy Bungane, the institution plans to list by 2025 as a lender ‘for the people, by the people, serving the people’
African Bank has come far since its former parent, African Bank Investments (Abil), found itself facing total collapse in August 2014, forcing the Reserve Bank to put its lending unit in curatorship.
Under the stewardship of new CEO Kennedy Bungane, the former head of Barclays Africa who took over from Basani Maluleke in April 2021, African Bank plans to list by 2025. Not only will that give the Reserve Bank and others an opportunity to exit their shareholdings taken on as part of its rescue, it will also mark the final resurrection of what was once SA’s biggest unsecured lender before its near demise almost upended the country’s financial system...
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