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Sale of Greece's National Bank's South African unit gets green light

24 August 17 - RE+D Magazine
Sale of Greece's National Bank's South African unit gets green light

COMPANIES

ΕΡΡΙΚΟΣ ΑΡΩΝΕΣ

Investment - GREECE

PEOPLE

South Africa's competition watchdog on Wednesday said it had given a green light to the sale of the South African Bank of Athens (SABA), owned by Greece's National Bank (NBG), to a subsidiary of AFGRI Holdings and Fairfax Africa Investment.

 

Greece's second-largest lender in March agreed to sell all its 99.8 percent stake in SABA to AFGRI Holdings as part of an EU-approved restructuring plan.

The Competition Tribunal said it had approved the merger on Tuesday, giving GroCapital control of SABA, with South Africa's finance minister indicating he will not oppose the merger.

SABA, established in 1947, provides banking services to medium-sized local businesses. AFGRI is an agricultural, financial services and food processing company operating in South Africa and 14 other countries in Africa.

Source: Reuters

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