African Bank Limited
|Founded||April 4, 2016|
|Headquarters||59 16th Road, Midrand|
Johannesburg, South Africa
Chief Executive Officer
|Products||Banking, Loans, Checking, Savings, Investments, Debit Cards, Credit Cards, Personal Loans|
|Revenue||Aftertax: ZAR:1.154 billion (USD:64.8 million) (2019)|
|Total assets||ZAR:28,881,000,000 (USD:1,622,250,000) (2019)|
Number of employees
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). 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.
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.
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. 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.
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. 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.
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.
|Rank||Name of Owner||Percentage Ownership|
|1||South African Reserve Bank (SARB)|
|2||Government Employees Pension Fund (GEPF)|
|3||FirstRand Bank Limited|
|4||Standard Bank of South Africa Limited|
|5||Absa Trading and Investment Solutions Proprietary Limited|
|7||Investec Bank Limited|
|8||Capitec Bank Limited|
Leadership as of September 2019
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.
- List of banks in South Africa
- Reserve Bank of South Africa
- Economy of South Africa
- African Central Bank
- 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.
- 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.
- African Bank Limited (21 December 2020). "African Bank Limited Branch Locator". Midrand, South Africa: African Bank Limited. Retrieved 21 December 2020.
- African Bank Limited (21 December 2020). "Background To African Bank Limited". Midrand, South Africa: African Bank Limited. Retrieved 21 December 2020.
- Bloomberg (December 2020). "Profile of African Bank Holdings Limited". Bloomberg. Retrieved 21 December 2020.
- Bloomberg (December 2020). "Company Profile of Residual Debt Services Limited". Bloomberg. Retrieved 21 December 2020.
- 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.
- Lynley Donnelly (17 September 2015). "African Bank 'referee' a major player". Mail & Guardian. Johannesburg. Retrieved 22 December 2020.
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