Picture: for illustration purposes
African Bank, initially founded in 1964 by a group of black entrepreneurs, has ambitious plans to restore itself to its glory days. The bank, which became the first black-owned bank in South Africa in 1974, subsequently underwent a significant identity change in the 1990s. Notorious for spiralling out of control prior to the take over of its charismatic, former CEO Leon Kirkinis, the institution succumbed, entering curatorship since its implosion in 2014.
However, times are changing. The bank currently under the stewardship of CEO Kennedy Bungane, has plans to return to its roots and is set to relist on the Johannesburg Stock Exchange (JSE) in 2025. In an interview with the FM, Bungane revealed a busy acquisition schedule, with the bank purchasing Ubank, Grindrod Bank, and now diving into commercial property finance businesses with the latest procurement of Sasfin's capital equipment.
These strategic acquisitions are geared towards strengthening its financial portfolio, preceding a potentially powerful comeback. This revival strategy, charted over the past few years, marks a crucial turn-around, and the future seems promising for African Bank.