AFRICAN BANK LIMITED - ABKI and ABLI - Update on transaction with Eskom to buy home loan book from Eskom Finance and interest in Nqaba

ABKI and ABLI - Update on transaction with Eskom to buy home loan book from Eskom Finance and interest in Nqaba

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")

Update on transaction with Eskom SOC Limited ("Eskom") to buy the staff home loan book from Eskom Finance 
Company SOC Limited ("EFC") and an interest in Nqaba Finance 1 (RF) Limited ("Nqaba")

Shareholders and Noteholders are referred to the announcements released on SENS on 5 December 2024 and 10 July 2025 
respectively wherein African Bank informed the market that it had entered into a binding offer to acquire the staff 
home loan book and assets housed in EFC and interest in Nqaba. The sale of the loan book agreement regulating the
proposed transaction was concluded in April 2025, subject to the fulfilment of certain conditions precedent.

Due to the conditions precedent not being met, specifically in terms of the agreed timeline, the agreements automatically 
lapsed in terms thereof and are of no further force or effect. This follows a decision by the Board to consolidate and 
embed African Bank's organic and inorganic growth of the last five years, drive efficiencies and extract more value from 
the acquisitions done between 2022 and 2025.

African Bank remains committed to its strategic intent for its Personal Banking business and continues to focus on delivering 
a compelling and sustainable value proposition for its customers.

7 May 2026

Debt Sponsor
The Standard Bank of South Africa Limited

Date: 08-05-2026 07:05:00
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