On Wednesday, 6 August 2014, African Bank Investment Limited (ABIL) issued an announcement forecasting a loss of at least R6.4 billion in the 2014 financial year, the resignation of their long-time CEO and the need to raise at least R8.5 billion in additional capital. This in turn raised questions around the future of African Bank as a going concern.
On Sunday, 10 August 2014 the South African Reserve Bank (SARB) issued a statement to say that African Bank has been placed under curatorship.
While the recent news flow surrounding African Bank has been unsettling, the SARB has responded to calm the market concerns and the clients of the bank through the provision of significant financial support.
* If you would like to read more about the Africa Bank announcement and if it has any impact on your investments at STANLIB please click on the different banners on the right
If you would like to read any of the public news releases regarding the developments at African Bank, such as SARB and curator statements, you will find these via the Stock Exchange News Service (SENS) here: http://africanbank.investoreports.com/investor-media/sens-2/