AFRICAN BANK LIMITED - Delayed release of Information Memorandum on the proposed restructuring of African Bank Limited

Delayed release of Information Memorandum on the proposed restructuring of African Bank Limited

AFRICAN BANK LIMITED (in Curatorship)
(Incorporated in the Republic of South Africa)
(Registered bank)
(Registration number 1975/002526/06)
Company code: BIABL
(“African Bank” or “the Bank”)

Delayed release of Information Memorandum on the proposed restructuring of African Bank Limited

Stakeholders are referred to the statement regarding the Curatorship of African Bank ("the Curatorship") made
by the then Governor of the South African Reserve Bank ("SARB"), Ms. Gill Marcus, on 10 August 2014 ("the
SARB statement") and to the SENS announcements released by African Bank Investments Limited ("ABIL") and
African Bank on 26 September 2014, 10 December 2014, 3 March 2015 and 31 March 2015, and by African Bank
on 28 and 29 May 2015 ("the Restructuring SENS Announcements") and the announcement on 11 June 2015
(“the June 2015 Curatorship update”).

The SARB statement confirmed that Mr. Tom Winterboer was appointed as Curator of African Bank ("the
Curator") in terms of the Banks Act No. 94 of 1990 (as amended) on 10 August 2014. At the same time the SARB
statement set out a proposal for the restructuring of African Bank, which entailed the creation of a new "Good
Bank" ("the Good Bank Restructuring Proposal"). Further detail about the Good Bank Restructuring Proposal
has been communicated to stakeholders in the Restructuring SENS Announcements.

The Curator had previously indicated that an Information Memorandum providing further detail of the Good Bank
Restructuring Proposal would be published during July 2015, with a target completion date of October 2015. The
release of the Information Memorandum will be delayed, and consequently the target completion date is likely to
also be delayed.

A number of issues remain to be concluded. These include the proposed acquisition of The Standard General
Insurance Company Limited (“Stangen”), which is still under negotiation and further announcements in this regard
are expected in due course.

The Curator will provide an update to the market on timing of publication of the Information Memorandum as
further clarity in respect of the above matters emerges.

On behalf of the Curator of the Bank
Midrand
15 July 2015

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Footnote : T Winterboer was appointed as Curator of African Bank Limited on 10 August 2014 by the Minister of
Finance of the Republic of South Africa and pursuant to the Banks Act No. 94 of 1990 (as amended) to manage
the affairs of African Bank Limited subject to the supervision of the Registrar of Banks. Please note that Mr
Winterboer acts in the aforesaid capacity.

Date: 15/07/2015 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.