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ABKI ABLI-Conclusion of divisionalisation & transfer of the assets and liabilities of Grindrod Bank to African Bank
AFRICAN BANK LIMITED
(Incorporated in the Republic of South Africa)
(Registered Bank)
(Registration No. 2014/176899/06)
LEI: 2549008X8SL1B1J86F98
Company code: ABKI
(the "Bank" or "African Bank")
AFRICAN BANK HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration No.: 2014/176855/06)
Company code: ABLI
LEI: 254900UUEMIK0XL5A056
("ABHL" or the "Group")
Conclusion of divisionalisation and transfer of the assets and liabilities of Grindrod Bank
Limited to African Bank
Shareholders and Noteholders are referred to the announcement released on SENS on 10
October 2022 regarding the finalisation of the acquisition of Grindrod Financial Holdings
(and indirectly Grindrod Bank Limited ("Grindrod Bank")) by African Bank. Effective from 1
November 2022, Grindrod Bank was a wholly owned subsidiary of African Bank.
Subsequent to this acquisition, African Bank had submitted an application to the Prudential
Authority ("PA") and the Minister of Finance in terms of Section 54 of the Banks Act, No 94
of 1990, as amended, to allow for the divisionalisation of Grindrod Bank into African Bank
(the "Divisionalisation"). In March 2024, African Bank received the relevant approvals for
the Divisionalisation, which entails, inter alia, transferring of all assets, liabilities, together
with all related contracts, rights and obligations of Grindrod Bank to African Bank, which
shall vest in and become binding upon African Bank on the date on which the transfer of
Grindrod Bank's business as a going concern to African Bank becomes effective.
The Boards of African Bank and ABHL are pleased to advise that the transfer of Grindrod
Bank's assets and liabilities as well as the business as a going concern have now been
concluded and transferred to African Bank with effect from 1 August 2024. The effect of
the Divisionalisation is that the business of Grindrod Bank will be incorporated into African
Bank, forming the foundation of the Business and Commercial division. Grindrod Bank will
no longer operate as a separate company, with its banking license being cancelled by the
PA with effect from 1 August 2024. In due course an application will be made to the
Companies and Intellectual Properties Commission to deregister Grindrod Bank.
6 August 2024
Debt Sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)
Date: 06-08-2024 05:30:00
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