VBS explained: What happens when a bank is put into curatorship
The decision to place VBS Mutual Bank under curatorship was based on concerns that the bank was facing a liquidity crisis and could collapse, devouring depositors’ funds.
African Bank Limited
Abil collecting up to $211m monthly
African Bank Investments has been collecting as much as 2.475 billion rand each month since the South African unsecured lender was rescued last year.
Midday market update 27 November
The JSE all-share index is trading 0.3% in relatively quiet trade impacted by U.S.markets being closed for thanks giving holiday
Ex-CEO of failed Ellerines heading Zimbabwe’s Innscor
A former chief executive at failed South African furniture retailer Ellerines is now heading Zimbabwe’s largest fast food and retail group, Innscor Africa, but is having to shuttle between the two countries because he has no work permit.
Failed Abil’s furniture arm receives R400 mln offer for Africa business
The Ellerine furniture arm of failed South African lender Abil has received an offer of around 400 million rand ($36 million) for its Africabusiness, its administrator said on Monday.
Abil’s furniture firm owes big banks $53 mln
Four of South Africa’s biggest banks are owed $53 million by Ellerine, the money-losing furniture firm that African Bank Investments (Abil) cut funding to just before the lender collapsed, documents showed.
Abil delays results announcement
Failed South African lender African Bank Investments (Abil) said on Tuesday it had delayed publication of its annual results as it untangles “audit complexities” related to the business rescue of two of its units.
Abil collecting $230m of debt a month
Failed South African lender African Bank Investments is collecting around $230 million of debt a month and has applied for a new banking licence as a step towards re-listing, its government-appointed supervisor said on Wednesday.
Capitec stills sceptics: expects 22% rise in 1H profit
JOHANNESBURG (Reuters) – South Africa’s Capitec Bank flagged on Thursday it expected first-half earnings to rise by as much as 22 percent, in sharp contrast to rival African Bank Investments, which was rescued by the central bank last month. Capitec, like African Bank, is an unsecured lender that traditionally targeted lower-income South Africans. Following African Bank’s collapse, ratings … Read more
SARB to investigate failed lender Abil
While much criticism has been levelled at ABIL’s risk controls and subsequent demise, microlending is an important part of our economy. The rate the bank charged its customers was pretty lofty at 5% a month compared to mainstream lending rates. I recently contacted a vendor advertising loans against you motor vehicle. The interest rate proudly … Read more