African Bank to buy Sasfin Bank’s commercial divisions for R3.26bn
African Bank will acquire Sasfin Bank's Commercial Equipment Finance and Commercial Property Finance businesses as part of its ongoing strategy to diversify its revenue and add depth to its balance sheet ahead of its planned listing.
The deal, valued at R3.26 billion, was announced by Sasfin on Friday. African Bank told News24 it hopes the transaction will make for a more compelling listing proposition to the investor market. African Bank has said it plans to list by 2025 to allow shareholders, which include the Reserve Bank, to divest after they initially took stakes as part of a rescue effort following the near collapse of its former parent, African Bank Investments , in 2014.
"This acquisition signifies our commitment to diversify our Business Banking’s revenues, asset classes, and risk profile," said Zweli Manyathi, head of business banking at African Bank."By bringing Sasfin Bank's CEF and CPF businesses under our umbrella, not only do we stand to benefit from a customer base with a 2.5 times cross-sell ratio, but we also see a significant opportunity in enhancing the average risk-adjusted revenue.
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