Description

African Bank is a wholly owned subsidiary of African Bank Investment Limited (ABIL, the bank , or the company), an investment holding company listed on the JSE Securities Exchange South Africa. With total assets in excess of ZAR6 billion, African Bank is the largest unsecured credit provider to the previously considered non-bankable sector in South Africa. The Bank employs more than 860 people and operates through 221 branches and outlets that are grouped in four geographic regions in South Africa. The project will consist in purchasing two African Bank Limited (African Bank) debt instruments for up to ZAR29 million (~$4 million) maturing on December 2005 and September 2006. This option was given to IFC in the course of another transaction to compensate for the principal impairment suffered by IFC.