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Johannesburg - The completion of the proposed restructuring process of African Bank will likely be delayed, the curator, Tom Winterboer, announced on Wednesday.
This is because the release of an information memorandum about the restructuring of African Bank will be delayed, consequently likely delaying the target completion date as well.
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The curator had previously indicated that an information memorandum, providing further detail of the Good Bank restructuring proposal, would be published during July 2015, with a target completion date of October 2015.
A number of issues, however, remain to be concluded. These include the proposed acquisition of The Standard General Insurance Company Limited (Stangen), which is still under negotiation. Winterboer said further announcements in this regard could be expected in due course.
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He has undertaken to provide an update to the market on the timing of the publication of the information memorandum as further clarity emerges.
Then governor of the SA Reserve Bank (Sarb) Gill Marcus announced on August 10 2014 that African Bank will be placed under curatorship.
At the same time Sarb set out a proposal for the restructuring of African Bank. This entailed the creation, through recapitalisation, of a new, so-called Good Bank.
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