‘Mega black-owned’ bank to launch next year

2012-08-23 10:46

The National African Federated Chamber of Commerce and Industry (Nafcoc) plans to open its own commercial bank next year.

“We are already seriously fundraising to launch the bank,” Nafcoc president Lawrence Mavundla told financial daily Business Day today.

“Our investment portfolio is R1 billion, we’ll use that for the bank, the Indonesians have also agreed to support us.”

Nafcoc was expected to sign a memorandum of understanding with an Indonesian delegation this weekend.

Last year, Nafcoc said it wanted to launch a black-owned “mega” bank to help grow small businesses, but failed to make its deadline of end-2011.


– Fin24

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