Move to make African Bank black-owned
Sam Motsuenyane Consortium aims acquire the 50% stake owned by the Reserve Bank
02 June 2024 - 08:12
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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