African Bank to Expand Consumer Deposits After Lender's Recovery
- African Bank may find a partner for consumer banking venture
- Funding mix won't be dominated by retail deposits, bank says
This article is for subscribers only.
African Bank Ltd., the unsecured lender that collapsed almost two years ago, said it will offer a broader range of financial products and services when it starts operating under a new banking license next month, including the expansion of retail deposits from 2017.
By the third quarter of next year the lender will offer transactional banking, allowing customers to have their salaries deposited into their accounts, Brain Riley, chief executive officer of the new bank, told reporters in Johannesburg on Thursday. To build the retail business African Bank may partner with another lender, but there are no such deals on the table right now, he said.