May 14, 2022
  • May 14, 2022

SARB to make public its stake in an African bank

By on March 22, 2022 0

The Reserve Bank of South Africa announced on Tuesday (March 22) its intention to launch an initial public offering (IPO) for its 50% stake in small lender African Bank Holdings Ltd (ABHL) after deciding not to sell its share to investors. investors, none of whom were considered “suitable” to take over the SARB.

According to a Reuters report, officials from the country’s central bank took control of ABHL in 2014 after issuing a series of bad loans and have been seeking to sell its investment since the start of 2020.

The SARB will launch the IPO when market conditions feel most promising, he said. Market volatility triggered by the ongoing Russian attacks on Ukraine has caused many companies to back off from plans to take their companies public, the report said.

South African lenders FirstRand and Standard Bank and a government employee pension fund are among other investors in African Bank Holdings.

Related: Regional central bank alliances could shape the future of the digital dollar

Earlier this month, the Bank for International Settlements (BIS) and four central banks completed trials of two blockchain-based platforms on which a multinational central bank digital currency (CBDC) technical standard could be based. .

The aim of the Dunbar project – which includes the central banks of Australia, Malaysia, Singapore and South Africa – as well as a number of commercial banks, was to deepen the governance, processes and technology necessary to achieve this.

Read also : Meta faces fines for allegedly breaching anti-competition rules in South Africa

In other news from South Africa, its competition regulator is seeking to sue Meta Platforms, formerly Facebook, and its subsidiaries, WhatsApp Inc and Facebook South Africa, for abusing its dominant position in the social media industry.

The Competition Commission referred the complaint to the Competition Tribunal for further action. If Meta is found to have breached the country’s anti-competitive rules, the social media giant would be fined 10% of the company’s revenue made in the Republic and its exports for the previous year.

The Commission alleges that Facebook has expressed an intention to remove GovChat and #LetsTalk, a tech startup that connects government and residents through the WhatsApp Business application programming interface (API) and that the company has imposed or enforced selectively of the conditions governing access to WhatsApp Business. API data.

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