SARB fails to find buyer for its shareholding in African Bank

Johannesburg – The South African Reserve Bank had not found a buyer for its 50% shareholding in African Bank.

It said interest from prospective buyers locally and internationally was unsatisfactory.

The Reserve Bank now plans to list African Bank directly on the JSE, for purchase by institutional and other investors, rather than sell it directly to an investor.

The SARB wanted to dispose of its stake in African Bank, given the potential conflict as the regulator.

African Bank was placed under curatorship in 2014 after it collapsed under the weight of bad debts.

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