Residual Debt Services narrows full-year loss

African Bank’s central Johannesburg branch. Picture: FREDDY MAVUNDA

The company is planning to pay a further R500m to R550m to senior stub holders at the end of 2020, which would bring the total payments to these holders to as much as R2.95bn. When African Bank went into curatorship in August 2014, it was split into a “good bank”, which retained its brand name, and a “bad bank” renamed RDS. A “bad bank” refers to an entity established for the high-risk or bad loans of a financial institution.

RDS said on Friday the reduced loss from operations was primarily due to lower collection costs, due to the declining size of its loan book.

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