Competition Tribunal gives nod to African Bank-Grindrod Bank merger
Deal is pending approval from SA Reserve Bank and finance minister Enoch Godongwana
23 September 2022 - 17:27
UPDATED 25 September 2022 - 18:01
The Competition Tribunal has approved the proposed merger that will see African Bank acquire Grindrod Bank in a R1.5bn deal.
“The tribunal has unconditionally approved the large merger wherein African Bank intends purchasing all of the issued ordinary shares in Grindrod Financial Holdings and all of the issued preference shares in Grindrod Bank from Grindrod Ltd as one indivisible transaction,” the tribunal said in a statement on Friday. ..
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