Latest news with #AfricanBank
IOL News
03-07-2025
- Business
- IOL News
The Prudential Authority's watchful eye on SA's smaller banks
The South African Reserve Bank's Prudential Authority – tasked with supervising and regulating banks, insurers, and other financial institutions – indicates in its latest annual report that it is keeping a watchful eye over smaller banks. The Prudential Authority (PA) was established on April 1, 2018, as part of the "Twin Peaks" model for financial regulation in South Africa. Twin Peaks is a financial sector regulatory framework that divides regulatory functions between two independent authorities: the PA and the Financial Sector Conduct Authority with the aim of enhancing financial stability and consumer protection. A case in point in terms of risk was the African Bank collapse in August 2014 due to liquidity problems, which mostly came because of excessive unsecured lending that placed the bank under curatorship, effectively splitting it into a "bad bank" and a "good bank". The so-called good bank has subsequently become profitable. African Bank's collapse sped up the introduction of the new oversight regime.
IOL News
02-07-2025
- Business
- IOL News
S&P upgrades African Bank rating, affirms South African banking sector stability
African Bank store in Cape Town. The banks credit rating was upgraded by the international credit rating agency S&P Global, which expected that the bank will continued to scale and diversify in futrure, without negatively impacting Image: File S&P Global Ratings has upgraded African Bank's long-term global scale issuer credit rating to 'B+' from 'B,' with a stable outlook, and affirmed the short-term global scale rating at 'B.' - the only local bank to have its rating raised by the issuer, while the ratings of other banks were affirmed. S&P Global affirmed the ratings of Absa Bank, BNP Paribas Personal Finance South Africa, Capitec Bank, FirstRand Bank, Investec Bank, Nedbank, and the Development Bank of South Africa. 'In our view, the South African banking system is now in an expansion phase,' S&P said on its website. On African Bank, S&P said the upgrade reflected the bank's more supportive economic environment, coupled with strong capitalisation that partially compensated for its weak asset quality indicators. 'We expect African Bank will continue to scale and diversify, particularly in retail… we do not expect a significant inflow of non-performing loans from the new production,' the rating agency said. African Bank welcomed the latest S&P Global Ratings upgrade as recognition of its progress on strengthening its balance sheet, diversifying its offerings, and reaffirming its founding purpose: to make banking accessible to all South Africans,' CEO Kennedy Bungane said Wednesday. 'This upgrade acknowledges the work we have put in over the last few years and gives us further confidence we are on the right track. It reflects on our financial performance, capitalisation, and improved asset quality while expanding our offerings to our customers,' Bungane said. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ He said that as the bank marked 50 years, the new rating would enhance its reputation and position it strongly towards becoming a listed institution, which was another step in it's commitment to build a customer-centric, digitally enabled diversified business that is scalable and sustainable. The S&P announcement follows hard on the heels of African Bank's interim results for the six months to March 31, 2025, which saw net profit after tax increase by 15% to R202 million. The group also reported a 20% rise in net advances to R39 billion, 6% growth in customers to 6.1 million, and non-interest income growth of 38%. 'Our growth has been driven by a disciplined approach to risk and compliance management, diversification of our balance sheet, and increased digital enhancements across the business. The Excelerate strategy is positioning us to deliver long-term value for stakeholders,' said the bank's CFO Anbann Chetti. Key strategies included leadership alignment for a listed environment, regulatory compliance, and inclusive ownership models that reflect African Bank's founding values: 'We are building a future-fit bank with the scale and agility to serve more South Africans,' Bungane said. On the local banking sector outlook, S&P said they expect cautious credit growth and moderate increases in real estate prices in the next couple of years. They expect South Africa's GDP to likely rise by 1.5% on average over 2025-2028, after only 0.6% in 2024. 'We expect investment in infrastructure, including logistics and renewable projects, will create lending opportunities for banks. We also anticipate household lending will increase at a measured pace supported by the reduction in interest rates,' the global rating agency said.
Zawya
17-06-2025
- Business
- Zawya
African Bank appoints head: strategic communications and public relations
Eloise Boezak has been appointed head: strategic communications and public relations for the African Bank Group, effective 1 June 2025, and will lead the group's communications and PR agenda, focusing on reputation management, stakeholder engagement and brand visibility. Eloise Boezak has been appointed head: strategic communications and public relations for the African Bank Group, effective 1 June 2025 She will work closely with leadership across the bank to align messaging and boost African Bank's presence in the market. As the bank continues to prepare for a future public listing, communication has become a key lever for building trust, aligning stakeholders and amplifying strategic intent. Boezak's appointment marks a critical step in strengthening the group marketing centre of excellence and ensuring consistent, purposeful communication both internally and externally. 25 years experience With 25 years of experience across financial services, oil and gas, academia and telecoms, she brings with her a rare mix of strategic communication skills, business insight, and leadership. These strengths will be key as she takes on responsibility for driving the bank's Group-wide communications and PR strategy, at a time when reputation and trust are more important than ever. She joined African Bank seven years ago and most recently served as head: marketing, personal banking, where she led major campaigns and helped drive business impact. She is widely respected for her strategic insight, business acumen and leadership. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
IOL News
12-06-2025
- Business
- IOL News
Only the bold can change the world
African Bank CEO, Kennedy Bungane, receiving the Ecosystem Catalyst Award at the Global Entrepreneurship Congress in Indiana from GEN President, Jonathan Ortmans. Image: Supplied. The Global Entrepreneurship Congress (GEC) returned to the US for the first time in 15 years, where it was first hosted. In 2009, Kansas City welcomed just a few hundred ecosystem stakeholders who banded together with one vision – to build a 'one global entrepreneurial ecosystem''. The movement has now quite literally mushroomed over the years and has seen thousands of ecosystem stakeholders meet annually to discuss better ways to support the development of entrepreneurs across the globe. In 2017, South Africa hosted the GEC, which welcomed over 5000 delegates from 160 countries onto our shores. Last week, the City of Indianapolis greeted 3455 participants from 141 countries, marking the 15th Global Entrepreneurship Congress under the theme, the 'Bold Change the World'. With over 148 sessions and 200 speakers, the congress was over-saturated with rich and impactful content. Some of the key highlights included a keynote fireside chat with one of the world's most renowned entrepreneurs, Mark Cuban, who advised entrepreneurs to explore unchartered territories, saying 'Go where others don't look and just start'. Many other significant highpoints of the GEC include the launch of the GEN Catalyst Index, which is a bold new initiative aimed at developing a standardised framework to assess, benchmark and elevate the performance of Enterprise Support Organisations (ESOs) worldwide. GEN and Startup Genome also launched the Aptitudes and Policies for Exponential Entrepreneurship (APEXE), which is aimed at helping national governments evaluate and enhance the performance of national policy action in growing tech startup ecosystems. The first instalment of the APEXE Nations Ranking offers a balanced scorecard of the performance of each country's past entrepreneurial innovation policies. At the awards evening, African Bank, a local bank in South Africa, was awarded the prestigious Ecosystem Catalyst Award – in recognition reserved for an organisation that demonstrates outstanding commitment to driving long-term, inclusive growth in their local entrepreneurship ecosystem, through programmes and education. From championing township entrepreneurs to pioneering new financial models for underserved communities, the bank continues to demonstrate what it means to not only fund ideas – but to believe in the people behind them. Now here's the kicker. In September 2026, the global community will convene in Cape Town for the 2nd Global Entrepreneurship Congress (GEC+) Africa, which will welcome over 2000 delegates with arms wide open from across the continent onto our shores, in addition to a few other hand-picked international delegates. The GEC+Africa promises to promote inclusive and sustainable growth; accelerate digital transformation; improve access to finance; advocate for supportive policies and strengthen pan-African collaboration. Many participants I met at the congress simply craved stability. Around the world, they urged their government leaders to also prioritise transparency and provide clarity. As an example, Cuban encouraged entrepreneurs to just be entrepreneurs and focus on what they do best. As he said, 'if your business succeeds, politicians will come to you, and you must build a business that outlasts any one politician''. I left GEC feeling totally inspired and echoed the words of Jonathan Ortmans, the GEN president, 'entrepreneurs are the new diplomats of the world'. Kizito Okechukwu is the co-Chair of the Global Entrepreneurship Network (GEN) Africa; and Executive Head of 22 On Sloane, Africa's largest entrepreneurship campus Kizito Okechukwu Kizito Okechukwu is the executive head of 22 On Sloane, Africa's largest entrepreneurship campus and co-chair of the Global Entrepreneurship Network (GEN) Africa. Image: Supplied.
TimesLIVE
04-06-2025
- Business
- TimesLIVE
Cape Town labour court reinstates driver sacked for negligence at African Bank
A driver fired for negligence after leaving company equipment in a vehicle with a leaking roof has won a labour court battle to be reinstated in his job with back pay at African Bank. The bank fired Alistair Steenkamp — who was initially employed as a customer relations consultant — in 2021 after charging him with negligence and the use of a company vehicle for private purposes. 'During the period October 25 to 26 2019 you allegedly acted in a negligent manner when you left the company [audio] speakers, used for marketing, overnight in the vehicle when it was raining while you were aware of the leaking roof. The speakers were damaged due to your negligence,' read the charges. 'On November 28 2019 you allegedly acted in a negligent manner by not keeping the company laptop safe while it was in your possession and you lost the laptop due to your negligence. On November 27 2020 you allegedly left the company cellphone in an unlocked vehicle without taking proper care, the cellphone was stolen, resulting in a loss of R3,899. 'During the period January to December 2019 it is alleged that you parked the company bus at times at the residence of a relative without overnight authority. This is in breach of the bank's rules and policy.' Steenkamp, who was working as a driver when he was fired, pleaded guilty to the first charge and was found guilty on it by the chairperson of a disciplinary hearing. He had been working for the bank since 2018.
