African Bank Announces The Acquisition Of Grindrod Limited. African Bank has announced that it has acquired a 100% of Grindrod Limited for R1.5 billion, this is because it aims to expand core.
African Bank said in a statement, “African Bank is pleased to announce that it has reached agreement with Grindrod Limited (“Grindrod”), the holding company of GFH, to acquire: •100% of the issued ordinary share capital of GFH; and •100% of the preference shares issued by Grindrod Bank.”
GFH is an investment holding company that has an investment in the entire issued ordinary share capital of Grindrod Bank as well as in the entire issued ordinary share capital of GFH Investments (Pty) Ltd, which is a dormant entity. Grindrod Bank is an investment bank established 26 years ago, which specialises in managing cash deposits, corporate and investment banking. Grindrod Bank is a niche financier in the South African property market known for its specialised expertise in commercial and industrial property finance. Grindrod Bank provides bespoke financial services to private, corporate and institutional clients.
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.