• Dangerous games

    Employers' body Neasa is playing a potentially dangerous game, says Terry Bell.

  • Rational thinking

    All players should first consider the net result of their actions, says Leopold Scholtz.

  • Telkom's property poser

    BEE may be hindering Telkom's plans to offload redundant real estate, says Gugu Lourie.

Data provided by iNet BFA
Loading...
See More

'Mega black-owned' bank to launch in 2013

Aug 23 2012 08:23 Sapa

Related Articles

Black business invests in mobile TV

Nafcoc boss fired ‘over Gallagher deal’

Nafcoc president partied on chamber's cash

Black business to consult on BMF move

Stalled financial charter irks Nafcoc

Crunch time for Nafcoc president

 

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

A cash flow crunch often occurs in small businesses trying to balance cash coming in with cash going out. Watch this video to help you improve.
 
 

Investment portfolios explained

When it comes to choosing savings and investment products it can seem like an endless universe of options. FutureGuide demystifies.

 
 

Start saving...

Where can you stash your cash?
Time the key for retirement saving
Dummy's guide to saving
Save money with affordable account

Money Clinic

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