In partnership with
All data is delayed
Loading...
See More

'Mega black-owned' bank to launch in 2013

Aug 23 2012 08:23
Sapa

Johannesburg - The National African Federated Chamber of Commerce and Industry (Nafcoc) plans to open its own commercial bank next year, according to a report on Thursday.

"We are already seriously fundraising to launch the bank," Nafcoc president Lawrence Mavundla told Business Day.

"Our investment portfolio is R1bn, we'll use that for the bank, the Indonesians have also agreed to support us."

Nafcoc was expected to sign a memorandum of understanding with an Indonesian delegation this weekend.

Last year, Nafcoc said it wanted to launch a black-owned "mega" bank to help grow small businesses, but failed to make its deadline of end-2011.


* Follow Fin24 on Facebook, Twitter and Google+.

 
nafcoc  |  banks  |  entrepreneurs

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
40 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about: SMALL BUSINESS

From fossils to finance – that’s been the career trajectory of Dr Merrill van der Walt, a palaeontologist until recently. She is now a statistician with a difference.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

SA's avoidance of junk status by rating agencies: Moody's and Fitch

Previous results · Suggest a vote

Loading...