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'Mega black-owned' bank to launch in 2013

Aug 23 2012 08:23 Sapa

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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.


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