To scale up ahead of its planned IPO in 2025.
African Bank Holdings agreed to buy two units from a South African financial services company to bolster its lending business before a proposed initial share sale in 2025. The lender acquired the commercial property and capital equipment financing businesses from Sasfin Holdings units for R3.26 billion , the company said in a filing on Friday. The latest purchase is the bank’s third acquisition in little over a year. African Bank bought Grindrod Bank for R1.
Read/ listen: African Bank CEO on Grindrod Bank, Ubank acquisitions “This expansion aims to offer a more compelling listing proposition to the investor market,” African Bank’s head of business banking Zweli Manyathi said. “This acquisition signifies our commitment to diversify our business banking’s revenues, asset classes, and risk profile.
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