You can also listen to this podcast on iono.fm here. ADVERTISEMENT CONTINUE READING BELOW JIMMY MOYAHA: We are taking a look at Africanbank , which released their half-year results for the first half of the year ended March 2024.
JIMMY MOYAHA: Now Zweli, part of that strategy sits within your division – that would be the relatively newly formed business division. Obviously along with that is that acquisition of Grindrod and some of the other acquisitions that have been going through. If I remember correctly, back in March there was that critical approval by the minister for the Section 54 on Grindrod.
So there’s quite a bit that this gives us, and it also streamlines the processes and brings efficiencies along. So we are looking forward. We’re busy right now executing on that approval. And, luckily for us, although Grindrod Bank was a subsidiary, we did quite a bit of work in preparation for this approval. So we are very happy.
And the work that we are doing – we’re not done with the building of the bank, business banking included. You might recall that we also announced the intention to acquire parts of Sasfin, and more specifically Capital Equipment Finance and their Commercial Property Finance – which is slightly different from the way we’ve been doing it.
We are going to go into the next phase because we want to make sure that we derisk the IPO by making sure that those who are committing to building this bank are part and parcel of that growth. So the first phase was done. Staff has been done and dusted, the terms of which are very interestingly different to the schemes that I’ve seen.