Afgri seeks Reserve Bank’s permission to buy Bank of Athens SA
Afgri says the deal is not expected to change the group’s partnership with the Land Bank, called Unigro, which offers loans and crop insurance to farmers
Former farmers co-op Afgri is seeking to acquire the South African portion of Bank of Athens for an undisclosed amount. The deal would give Afgri, which has long been a financier of farmers in partnership with the Land Bank, a banking licence. Afgri is seeking permission from the South African Reserve Bank to acquire all but 0.09% of Bank of Athens SA from its holding company National Bank of Greece Group. Vanessa Rech, of investor relations company Keyter Rech, said the deal was not expected to change the group’s partnership with the Land Bank, called Unigro, which offers loans and crop insurance to farmers. Afgri also has a subsidiary called GroCapital Financial Services, whose services include trading futures contracts for farmers. "All we envisage at this stage for Bank of Athens is a change of holding company. It won’t make a difference to its customers or ours," Rech said. Something Afgri will gain from the deal is the right to accept deposits, something its existing relations...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
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.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.