THE G SPOT
Taking African Bank back to its roots
Not many know that African Bank — the microlender that spiralled out of control in 2014 under charismatic then CEO Leon Kirkinis — was actually the first black-owned bank in South Africa, formed in 1974. The FM spoke to CEO Kennedy Bungane about the institution’s path back to the JSE in 2025
26 October 2023 - 05:00
Not many know that African Bank — the microlender that spiralled out of control under charismatic then CEO Leon Kirkinis — was actually formed in 1964 by a group of black entrepreneurs, becoming the first black-owned bank in South Africa in 1974, before its identity changed in the 1990s. Under curatorship since its implosion in 2014, the bank is set to relist on the JSE in 2025. The FM spoke to CEO Kennedy Bungane.
You’ve been very busy buying companies: Ubank, Grindrod Bank and now Sasfin’s capital equipment and commercial property finance businesses. Why?..
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