New bank launching in South Africa

African Bank has received approval from the SA Reserve Bank (Sarb) and the Financial Services Board to set up a new “Good Bank” with its remaining assets, after it was placed under curatorship in 2014 following its collapse.

“These are further significant developments to enable the commencement of Good Bank,” said Brian Riley, CEO designate of Good Bank.

“We continue to engage proactively and constructively with the regulators, and in particular the Sarb, which is a key stakeholder in the journey to the launch of the business,” he said in a statement on Thursday.

The Good Bank has applied for and is awaiting approval for the Credit Provider Licence from the National Credit Regulator.

Commencement of operations is dependent on the final registration of Good Bank as a bank under Section 16(1) of the Banks Act.

Fin24

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New bank launching in South Africa