the g spot
African Bank out of the woods
“We’ve been able to more than double our deposits in three years since coming out of curatorship,” says African Bank CEO Basani Maluleke
African Bank was placed under curatorship in 2014, collapsed by years of reckless lending and a spiral in bad debt. Separated into a "good" and "bad" bank, it was recapitalised with R10bn from SA’s commercial banks as well as the Reserve Bank, which last week announced it was time to exit. The FM spoke to African Bank CEO Basani Maluleke and its group executive for credit, Vere Millican, and began by asking whether the sale will change anything.
BM: This process will have no impact on the lives of our customers. Though we’re grateful for the Bank’s support since 2016, we’re quite pleased in that we believe this is further evidence that African Bank is becoming more of an investible business...