S.African Treasury to list African Bank in early 2016

by Reuters 14 views0

African Bank plunges 3 billion rand in headline losses Abil is in the process of re-deploying or laying off some 50 non-union management level staff at its head office. PHOTO: Destiny Connect

South Africa’s failed African Bank, which is under administration after racking up huge amounts of bad debt, will now list the healthy portion of its loan book in early 2016, Treasury official Roy Havemann said on Tuesday.

The bank’s healthy assets or “good bank”, were initially scheduled to list on the Johannesburg bourse this year.

Meanwhile, the South African government says making “good progress” in the African Bank’s rescue page.

South Africa’s Finance Minister Nhlanhla Nene said the government was making “good progress” in winding up failed African Bank, which is under administration after racking up huge amounts of bad debt.

The bank is awaiting passage of amendments on a law granting the central bank super-senior creditor status, which would allow it to pump in some money into the failed lender.