African Bank Limited


South African based, African Bank Limited is a retail bank that offers financial products and services. The Bank is licensed as a "locally-controlled bank" by the South African Reserve Bank .
Headquartered in Midrand, South Africa, the bank has a countrywide branch distribution network in addition to a full digital channel offering as well as Sales, Collections and Customer Service Contact Centres.

History

On the 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 SARB.
The SARB announced a restructuring proposal, which together with the financial support of a number of key financial stakeholders, including a consortium of six South African banks, the SARB and the Public Investment Corporation and the restructuring of capital market liabilities of the predecessor African Bank Limited for the Bank 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.
On the 4 April 2016, the new African Bank Limited opened its doors as the new entity, with the required licences and registrations required by the various regulators in place.

Leadership as of March 2016