SENS | 3rd August 2015|Resignation of company secretary
SENS | 31st July 2015|Appointment of Gustav Raubenheimer as Chief Financial Officer Designate for Good Bank
SENS | 15th July 2015|Delayed release of Information Memorandum on the proposed restructuring of African Bank Limited
SENS | 30 June 2015| Quarterly update in terms of Section 1.10(c) of the JSE Listings Requirements


African Bank Limited release of the reviewed interim financial statements for the six months ended 31 March 2015

SENS | 26th June 2015|African Bank Limited reviewed interim financial statements for the six months ended 31 March 2015
Press release | 26th June 2015|African Bank announces R2.8 billion loss for six months ended 31 March 2015
Reviewed Interim Financial Statements for the six months ended 31 March 2015


Curatorship Update, including Sep 2014 Results and trading update to Mar 2015

SENS | 11th June 2015|Curatorship update
Press release | 11th June 2015|Curator on track to deliver Good Bank
African Bank Limited 2014 Annual Financial Statements
Presentation Slides
Supplementary Information

Press releases

31st July 2015|Appointment of Gustav Raubenheimer as Chief Financial Officer Designate for Good Bank

What has been achieved during the Curatorship?
On 10 August 2014, Mr. Tom Winterboer was appointed as Curator to African Bank Limited under the Banks Act. The Curator's remit was to stabilise and preserve the operations, and bring forward a proposal for the effective resolution for the Bank and its business. To date the Curator has:
  • Stabilised operations and reduced credit risk appetite to write more profitable, risk adjusted and sustainable business, albeit at lower volumes.
  • Introduced a plan to retain key individuals
    - Brian Riley as Chief Executive Officer designate;
    - Louis von Zeuner as Chairman designate;
    - Gustav Raubenheimer as Chief Financial Officer designate; and
    - Hendus Venter as Chief Information Officer designate.
  • Introduced a cost reduction programme.
  • Applied for three new licences which include a Banking licence, a Financial Services Provider license and Credit Provider licence.
  • Received confirmation of a new banking license for Good Bank subject to conditions which will be fulfilled as the restructuring deal progresses, from SARB, as per the Bank's Act. (27 August 2015)
  • Received confirmation of a Financial Services Provider licence under the Financial Services Board. (27 August 2015)
  • Assisted the National Treasury with The Banks Amendment Act, which has been signed by the President with effect 29 June 2015. The publication in the Government Gazette and coming into force of the Act means that the Curator of African Bank Limited can initiate process of resolving African Bank Limited and creating 'Good Bank' as has previously been communicated through the Bank's Restructuring Stock Exchange News Service (‘SENS’) Announcements.

What is the Good Bank?
Good Bank will be a newly registered bank and a wholly owned subsidiary of a newly established holding company (‘HoldCo’), which is intended to be listed on the Johannesburg Stock Exchange (‘JSE’) some several years after its establishment.
What still needs to happen to launch the new bank?
The Curator’s team has a tight timetable to fulfil which requires:
  • Finalisation of the SARB approval for the appointment of nominated non-executive directors to the board of directors of Good Bank;
  • The receipt of the Credit Provider Licence from the National Credit Regulator;
  • The proposed acquisition of The Standard and General Insurance Company (‘Stangen’) is still under negotiation and needs to be completed;;
  • The publication of the Information Memorandum; and
  • The publication of the Information Memorandum;
  • The publication of the Exchange Offer Memorandum, the voting process and the execution of the exchange offer.

What information is going to be included in the Information Memorandum (‘IM’)?
The IM will provide further details regarding the proposed structure of the Good Bank group, including a high-level overview of the proposed business model and a three year financial projection. The structure will also detail the run off of the remaining assets and so-called “stub” liabilities in the existing African Bank entity and a liquidation analysis as an alternative, should the Good Bank restructuring transaction ultimately not be implemented.
Can I comment on the IM and how may I do so?
Affected parties will have several weeks to comment on the IM. Details of the feedback process will be contained therein.
What is the Exchange Offer Memorandum? How long after the release of the Information Memorandum will it be published?
The Exchange Offer Memorandum involves the terms and conditions of the new debt structure with the Bank's creditors. If, having reviewed comments received from creditors on the Information Memorandum, the Curator believes that the proposed Good Bank restructuring transaction is still the most appropriate solution, he will aim to publish the Exchange Offer Memorandum within two weeks from the period for comments on the IM ends. Please view further details contained in SENS announcements released on 10 December 2014, 3 March and 11 June 2015.
Is African Bank Limited still involved with African Bank Investments Limited (‘ABIL’) at all?
When African Bank Limited was placed in Curatorship in August 2014, the management of African Bank Limited legally vested in the Curator.

On 5 June 2015, ABIL applied for and was granted relief under the business rescue provisions of the Companies Act. The business rescue application by ABIL did not affect the Curatorship of African Bank Limited. The Bank continues to operate as before under the control of the Curator and remains open for business. Updates pertaining to ABIL are given periodically on ABIL’s website (, but do not in any way affect African Bank.

The contractual relationship that African Bank Limited has with ABIL’s subsidiary, Stangen, in terms of which Stangen provides insurance products to African Bank customers is also unaffected and remains intact.

The Curator reiterated on 5 June 2015 that the restructuring of African Bank into the Good Bank group structure remains on course, as described in the South African Reserve Bank (‘SARB’) statement and the Restructuring SENS Announcements.
What is the latest news on Stangen?
The proposed acquisition of Stangen is still under negotiation and further announcements in this regard are expected in due course. Please refer to recent ABIL and African Bank Limited SENS announcements.
Will the Good Bank be listed on the stock exchange, when it is launched?
The Consortium will consider the appropriate time to list the equity of the ultimate holding company of Good Bank on the Johannesburg Stock Exchange in due course. It is unlikely to be within two years from the launch of the Good Bank. However, the Domestic Medium Term Notes of Good Bank will immediately be listed on the Johannesburg Stock Exchange and European Medium Term Notes of Good Bank will immediately be listed on the London Stock Exchange, as is the case with the current African Bank notes under the existing programmes.
Who will be on the board of Good Bank?
The Curator is in the process of assembling a diversified board of directors, including non executive directors with varying experience and skill set, backgrounds, race and gender and appropriate executive representation.
What is the strategy of the Good Bank?
Brian Riley was appointed as CEO designate of the Good Bank in May 2015. He is committed to the task of appointing an executive team that will work with him to deliver acceptable risk adjusted annuity income flows from a well provided book and a more diversified business offering. He has undertaken to develop a new strategy to address the shortcomings of the previous monoline business model, underpinned by a liquid, well capitalised Bank.