The South African Reserve Bank has had no success in selling its 50% stake in African Bank Holdings Limited and is now backing an initial public offering – mostly likely through a listing on the JSE – as “alternative exit option”. This was confirmed in an update by the central bank on the JSE on Monday. It comes just over nine months after the Sarb announced that the time was right to sell its shares in African Bank.
The timing of the IPO will be dependent on prevailing market conditions,” it added. African Bank turnaround The central bank also noted that the period leading up to the IPO will provide African Bank’s management with the opportunity to continue with its turnaround strategy. African Bank’s turnaround efforts have led to some success. The bank reported a net profit after tax of R534 million for the year to end September 2021, compared to a loss of R27 million in the 2020 financial year.
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