THE BIG READ
New-look African Bank eyes sweet spot
Former unsecured loans giant now offers full-service bouquet
11 August 2019 - 00:07
Five years ago this week African Bank was placed under curatorship. The Reserve Bank and the other big lenders stumped up the money to prevent the total collapse of the bank. It was big news. And its collapse could have resulted in systemic risk for SA's banking industry.
The bank was the face of the unsecured lending boom that engulfed SA in the wake of the global financial crisis of 2008 and the recession that followed it. These loans were in high demand as the big four banks in SA closed the taps on mortgage loans and generally took a more conservative approach to lending...
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.