Residual Debt Services Limited
RESIDUAL DEBT SERVICES LIMITED
Residual Debt Services Limited is the same legal entity as the old African Bank Limited. It was renamed Residual Debt Services Limited (RDS) on 4 April 2016, when the old African Bank surrendered its banking license under the Bank Act, 94 of 1990.
On that same date, a new legal entity was renamed African Bank Limited (African Bank). The formation of African Bank, with its related balance sheet positions, left the residual book and other balance sheet positions in RDS. An overview of the restructuring can be seen in the documentation under Predecessor African Bank – Corporate restructuring general.
THE OLD AFRICAN BANK
On 10 August 2014, the old African Bank Limited, a subsidiary of a Johannesburg Stock Exchange listed bank controlling company African Bank Investments Limited, was placed under curatorship in terms of the South African Banks Act, 94 of 1990, by the South African Reserve Bank (SARB).
Together with a consortium of six South African banks, the SARB and the Government Employees Pension Fund (GEPF) undertook to capitalise a new bank which would acquire the viable portion of the business of the old African Bank, together with its restructured liabilities.
Mr Thomas Winterboer was appointed as curator of the old African Bank to implement the restructuring transaction and manage the affairs of the Bank, subject to the supervision of the Registrar of Banks. On 2 March 2016, African Bank received the required support from its existing creditors for the Bank's restructuring transaction, which was successfully implemented on 4 April 2016.
The new African Bank Limited commenced business on 4 April 2016, following an extensive restructuring exercise. All new business written from that date is attributed to the new legal entity which is part of a new group, with a new holding company African Bank Holdings Limited. A significant portion of the old African Bank’s business was transferred to the new African Bank with effect from 4 April 2016. Details regarding the restructuring transaction can be accessed by sending an email to [email protected].
Our most recent and archived announcements can be found below.