African Bank Limited

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African Bank
TypePrivate
IndustryFinancial services
FoundedApril 4, 2016; 4 years ago (2016-04-04)
Headquarters59 16th Road, Midrand
Johannesburg, South Africa
Key people
Thabo Dloti
Chairman[1]
Basani Maluleke
Chief Executive Officer[1]
ProductsBanking, Loans, Checking, Savings, Investments, Debit Cards, Credit Cards, Personal Loans
RevenueIncrease Aftertax: ZAR:1.154 billion (USD:64.8 million) (2019)[1]
Total assetsZAR:28,881,000,000 (USD:1,622,250,000) (2019)[1]
Number of employees
3,886 (2019)[1]
WebsiteHomepage

African Bank Limited, is a retail bank in South Africa, that offers financial products and services. The Bank is licensed as a "locally controlled bank" by the South African Reserve Bank (SARB).[2] Headquartered in Midrand, South Africa, the bank has a countrywide branch distribution network in addition to a full digital channel offering; as well as sales, collections and customer service Contact Centres.[3]

Overview[edit]

As of 30 September 2019, African Bank Limited had total assets worth ZAR:28.881 billion (US$1.662 billion), with shareholders' equity of ZAR:10.659 billion (US$599 million). At that time the bank, its subsidiaries and affiliates employed 3,886 people.[1]

History[edit]

The original African Bank Limited, was established on 31 July 1975, and was a subsidiary of African Bank Investments Limited, then a bank controlling company listed on the Johannesburg Stock Exchange.[4] On 10 August 2014, the original African Bank Limited was placed under curatorship by the South African Reserve Bank, under the terms of the South African Banks Act, Act 94 of 1990.[4]

The SARB announced a restructuring proposal, which received support from a consortium of six South African banks and the Public Investment Corporation. A new banking group, African Bank Holdings Limited was created to assume the viable assets and some of the liabilities of the old bank.[4][5] The legacy bank and the compromised part of the business was renamed Residual Debt Services Limited (RDS). RDS surrendered its banking license on 4 April 2014.[4][6]

Thomas Winterboer was appointed as curator to implement the restructuring proposal and manage the affairs of the Bank, subject to the supervision of the Registrar of Banks. On 4 April 2016, the new African Bank Limited opened its doors as the new entity, with the required licenses and registrations required by the various regulators in place.[7][8]

Shareholding[edit]

As of September 2019, the shareholding in the stock of African Bank Limited, was as depicted in the table below.[1]

African Bank Limited Stock Ownership
Rank Name of Owner Percentage Ownership
1 South African Reserve Bank (SARB)
50.00
2 Government Employees Pension Fund (GEPF)
25.00
3 FirstRand Bank Limited
7.00
4 Standard Bank of South Africa Limited
6.00
5 Absa Trading and Investment Solutions Proprietary Limited
5.00
6 Nedbank Limited
4.00
7 Investec Bank Limited
2.00
8 Capitec Bank Limited
1.00
Total
100.00

Leadership as of September 2019[edit]

The chairperson of the 12-persn board of directors is Thabo Dloti, a non-executive director. The managing director and chief executive officer is Basani Maluleke.[1]

See also[edit]

References[edit]

  1. ^ a b c d e f g h African Bank Limited (30 November 2019). "African Bank Holdings Limited Annual Integrated Report 2019" (PDF). Midrand, South Africa: African Bank Limited. Retrieved 21 December 2020.
  2. ^ SARB (21 December 2020). "List of Registered Banks And Representative Offices: Locally Controlled Banks". Pretoria, South Africa: South African Reserve Bank (SARB). Retrieved 21 December 2020.
  3. ^ African Bank Limited (21 December 2020). "African Bank Limited Branch Locator". Midrand, South Africa: African Bank Limited. Retrieved 21 December 2020.
  4. ^ a b c d African Bank Limited (21 December 2020). "Background To African Bank Limited". Midrand, South Africa: African Bank Limited. Retrieved 21 December 2020.
  5. ^ Bloomberg (December 2020). "Profile of African Bank Holdings Limited". Bloomberg. Retrieved 21 December 2020.
  6. ^ Bloomberg (December 2020). "Company Profile of Residual Debt Services Limited". Bloomberg. Retrieved 21 December 2020.
  7. ^ PWC South Africa (4 April 2016). "Curator of African Bank – Tom Winterboer - announces the launch of Good Bank". Johannesburg: PricewaterhouseCoopers South Africa. Retrieved 22 December 2020.
  8. ^ Lynley Donnelly (17 September 2015). "African Bank 'referee' a major player". Mail & Guardian. Johannesburg. Retrieved 22 December 2020.

External links[edit]