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FILE| An Eskom logo is seen at the entrance of their head offices in Sunninghill, Sandton.
African Bank will no longer proceed with the acquisition of Eskom’s staff home loan portfolio and related assets.
The bank’s board of directors has announced that the decision will allow the institution to focus on extracting more value from its recent high-profile acquisitions, including UBank and Grindrod Bank.
African Bank says in a statement that several conditions were not fulfilled in the agreed timeframe, leading to the automatic lapse of the Eskom transaction.
African Bank’s acting Chief Executive Officer (CEO), Zweli Manyathi says, “Our decision not to proceed with the transaction was based on very careful process which involved the executives and the board wherein we decided to rethink the priorities that we should be pursuing from strategic perspective and instead of going for acquisitions, we decided what we focus on making the acquisitions that we made in the last few years work.”
