African Bank Buys Sasfin Bank’s Units to Scale Ahead of IPO
- Five employees from Sasfin property finance unit to join bank
- African Bank also bought Grindrod Bank and UBank last year
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African Bank Holdings Ltd. agreed to buy two units from a South African financial services company to bolster its lending business before a proposed initial share sale in 2025.
The lender acquired the commercial property and capital equipment financing businesses from Sasfin Holdings Ltd.’s units for 3.26 billion rand ($172 million), the company said in a filing on Friday.