African Bank | Loans | Residual Debt Services Limited

Residual Debt Services Limited

Residual Debt Services Limited

Residual Debt Services Limited is the same legal entity as its predecessor African Bank Limited. It was renamed Residual Debt Services Limited on 4 April 2016, when its predecessor African Bank Limited, surrendered its banking license under the Bank Act, Act 94 of 1990.

On that same date, 4 April 2010 the 'new' African Bank Limited, together with related balance sheet positions was formed, leaving the Residual Book, and other balance sheet positions, in Residual Debt Services Limited. An overview of the restructuring can be seen in the documentation under Predecessor African Bank – Corporate Restructuring General

Predecessor African Bank

On 10 August 2014, the predecessor entity also called 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, Act 94 of 1990, by the South African Reserve Bank (SARB).

including a consortium of six South African banks, the SARB and the Government Employees Pension Fund (GEPF), the restructuring of capital market liabilities of the predecessor African Bank Limited was designed to create a new banking group to acquire the viable portion of the business of predecessor African Bank Limited.

Mr Thomas Winterboer was appointed as curator to implement the restructuring proposal 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 the existing creditors for the Bank's restructuring proposal, which was successfully implemented on 4 April 2016.

Public announcements

African Bank Limited was re-launched on 4 April 2016 following an extensive restructuring exercise. Business from that date is attributed to a new legal entity which is part of a new group, with a new holding company African Bank Holdings Limited. A significant proportion of the previous entity business was transferred to the “new” African Bank with effect from 4 April 2016. Details regarding the Corporate Restructuring can be accessed on this site.

Our most recent and archived announcements can be found below.