Previous black shareholders to reacquire stake in African Bank - SABC News - Breaking news, special reports,

Image Credits :African Bank has embarked on a journey to allow previous black shareholders to reacquire a significant stake in the bank. The SA Reserve Bank currently owns more than 50 % of the shares in African Bank Holdings.This emerged at the memorial service of the bank’s founder Dr Sam Motsuenyane. Before his death, Motsuenyane was working with a number of black businesspeople to reinvest in the bank.

Motsuenyane, along with other black entrepreneurs founded the African Federated Chamber of Commerce in 1964 and in 1974, they pioneered the establishment of African Bank. NAFCOC, as a voice of the black business sector, has diminished over the years and the bank now has new shareholders. African Bank CEO Kennedy Bungane has taken it upon himself to ensure that the bank’s shareholding is eventually returned to its rightful shareholders.

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