South Africa: New deposit insurance framework brings SA in line with the international standards, says Bank

African Bank has bought Grindrod Bank to deliver on its strategy of accelerating its entry into SA’s increasingly competitive business banking market.

The R1.5bn deal announced on Thursday will see African Bank acquire 100% of Grindrod Bank from JSE-listed Grindrod Ltd, the diversified freight logistics group, which has operations across Southern and East Africa, Thailand, Indonesia, Australia, Papua New Guinea and the United Arab Emirates…