African Bank Investments Limited
latest news & developments
Report: African Bank directors were reckless
The board members of Abil were negligent and reckless, according to advocate John Myburgh’s now-public report.
Ellerine jobs saved as regulator recommends Shoprite offer
The Competition Commission has recommended an offer by the retail giant to acquire the stores and staff of the failed furnisher.
African Bank receives offer for suspended preference shares
The holders of preference shares are at risk of losing their capital – but now there is an offer to acquire all of them.
JD reports loss and halts dividend as credit sales fall
The furniture retailer’s balance sheet was burdened by climbing bad loans and restructuring within the group.
JD Group shares jump on imminent lending unit sale
The struggling retailer’s shares rose on news that it had found a buyer for its loan book, allowing it to focus on its retailing and product range.
African Bank splits to isolate loans in Reserve Bank rescue
The Reserve Bank has placed the sinking lender under curatorship in a bid to save investors.
African Bank chief exec quits
Head of the country’s largest unsecured lender, Leon Kirkinis, has stepped down with immediate effect as the bank plans a capital increase.
African Bank downgrade doesn’t mean a redemption for bondholders, says CFO
African Bank says holders of its debt cannot ask for an early repayment of its bonds, despite being downgraded to "junk" status last week.
Edcon plans credit sales growth as loss narrows
The clothing retailer looks to bolster sales by enabling pressurized consumers to buy more on credit.
Hedge fund shorts African Bank shares
A major hedge fund is shorting shares in the unsecured lender in expectation of further declines.
Freak out: why African Bank’s record loss has left the market unphased
A larger than expected loss has not phased investors who believe better days are ahead for the countries largest unsecured lender.
African Bank underestimates soured loans, slides to loss
The unsecured lender’s interim results show a loss of R4.4-billion as its customers struggle to repay loans.
African Bank to sell Ellerines, raise R4bn to boost capital
African Bank Investments aims to raise R4-billion through a Goldman Sachs rights offering and the sale of furniture retailer Ellerines.
Capitec takes strain as SA consumers take out fewer loans
Capitec has been fairly unscathed by the ailing economy, but wont be spared in the slowdown in the unsecured lending market.
African Bank rated best buy by analysts
South Africa’s biggest unsecured lender is rated highly despite increasing bad debt