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African Bank plans JSE listing - but first it wants to achieve ambitious goals

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The South African Reserve Bank has tasked African Bank with managing an IPO process to help sell its stake to the public.
The South African Reserve Bank has tasked African Bank with managing an IPO process to help sell its stake to the public.
Sharon Seretlo

African Bank has started the process to list its shares on the JSE by 2025, but first it wants to achieve audacious goals.

The bank has not been a publicly held company since it went into curatorship in 2014. When it emerged out of curatorship in 2016, its shares went into the hands of the SA Reserve Bank, which invested R3 billion, along with a consortium of banks that helped back African Bank in time of need.

As the bank got back on its feet, the South African Reserve Bank wanted to sell its majority stake in African Bank. It started the process of disposing of its 50% stake in June 2021, but it had become clear by May this year that that process wasn't yielding the desired outcome – it wasn't finding a buyer. So, it decided that the best way to exit that stake was through a public listing and in October, it mandated African Bank to manage the initial public offering (IPO) process.

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