The old African Bank, a subsidiary of JSE-listed African Bank Investments Limited, was placed under curatorship by the South African Reserve Bank in 2014. Together with a consortium of local banks, the Reserve Bank and the Government Employees Pension Fund undertook to capitalise a new bank, which would acquire the restructured liabilities and a viable portion of the business of the old African Bank.
The old African Bank surrendered its banking license on 4 April 2016 and was renamed Residual Debt Services Limited (RDS). That day, a new legal entity was established as African Bank Limited (African Bank), with a new holding company, African Bank Holdings Limited.
All new business written from 4 April 2016 is attributed to the new African Bank. The residual book and other balance sheet positions were left in RDS.
For more details on the restructuring, please send us an email.