AFRICAN BANK LIMITED - Notification of SARB authorisation for the establishment of Good Bank, and FSB approval of a licence for Good Bank

Notification of SARB authorisation for the establishment of Good Bank, and FSB approval of a licence for Good Bank

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”)


Notification of SARB authorisation for the establishment of Good Bank, and FSB
approval of a Financial Services Provider licence for Good Bank


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 and 31 March 2015, and by African Bank on
28 and 29 May 2015,       11 June 2015       and 15 July 2015 (“the Restructuring SENS
Announcements”).


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 is pleased to announce that the SARB has authorised the establishment of
Good Bank under the Good Bank Restructuring Proposal in terms of section 13(1) of the
Banks Act (Act No. 94 of 1990) (‘the Banks Act”), subject to the requirements of the Banks
Act. Commencement of operations is dependent on the final registration of Good Bank as a
bank under Section 16(1) of the Banks Act.


Furthermore the Financial Services Board (“FSB”) has granted Good Bank a licence as a
Financial Services Provider, under the Financial Advisory and Intermediary Services Act (Act
37 of 2002) ,subject to certain conditions and restrictions, which do not impact the
anticipated business model.
Commenting on these developments, Brian Riley CEO Designate of Good Bank stated:
“These are further significant developments to enable the commencement of Good Bank.
We continue to engage proactively and constructively with the regulators, and in particular
the SARB, which is a key stakeholder in the journey to the launch of the business.”


The Good Bank has applied for and is awaiting approval forthe Credit Provider Licence from
the National Credit Regulator.


The Curator will continue to make further announcements related to the Restructuring of
African Bank in due course


On behalf of the Curator of the Bank

Midrand
27 August 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: 27/08/2015 09:48:00 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.