A consortium of black businessmen is making a bold move to acquire a majority stake in African Bank and return its ownership to black hands ahead of the bank’s planned listing next year. 

African Bank Holdings is 50% owned by the Reserve Bank, with the Government Employees Pension Fund (GEPF) owning 25%. A consortium of five South African banks holds the other 25% on a pro-rata basis: Capitec (1%), Investec (2%), Nedbank (4%), Absa Trading and Investment (5%), Standard Bank (6%) and FirstRand (7%)...

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