African Bank’s acquisition of UBank will see it add almost 5 million customers as it pursues expansion while seeking to list on Johannesburg’s main stock exchange.
The deal to buy Ubank came shortly after African Bank agreed to buy Grindrod Bank for R 1.5 billion.
“African Bank has been working to diversify funding sources and has added significant retail deposits over the last few years… The addition of Ubank’s deposit base would accelerate this effort”
African Bank Statement
To learn more about African Bank’s plans and growth strategy read BusinessTech’s article, ‘African Bank to add 4.7 million clients with Ubank acquisition.’
