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The former South African Bank of Athens has repositioned itself as a new banking entity – Grobank.
The Grobank brand reflects the transaction that concluded in October 2018 when GroCapital Holdings, supported by its shareholders AFGRI Group Holdings, Fairfax Africa and the Public Investment Corporation, obtained all the regulatory approvals for the acquisition of the South African Bank of Athens Limited (SABA), corresponding to 99.81% of the issued share capital.
The SA Bank of Athens has been operating in South Africa since 1947.
According to a statement, Grobank is positioning itself "to deliver both the extensive banking experience gained through its history as Bank of Athens, as well as accessing the deep food and agri-business knowledge of its shareholders".
The bank will be focused on building an agri-banking offering based directly on the insights gained through direct relationships with farmers and agri-businesses held across generations and will add these to its existing range of business banking products and services.
"We are marrying our strengths as bankers and financiers to the strategically important need to support food security," said Grobank CEO Spiro Georgopoulos.
"This focus will not only lie in the farming sector, but also across the food business chain including small and medium enterprises, business investors, entrepreneurs, retailers, restaurant owners, warehouse owners and factory owners."
In a time where banking services are becoming increasingly digital, Grobank also intends on placing relationship banking at the heart of its offering.
While a great digital offering remains a critical element of banking services, Grobank believes that a true relationship with an expert banker remains a core need for businesses that make complex banking decisions, according to the statement.
"We will continue our strategy to reach out to business owners, learn their business, listen to their needs and provide products and services tailor-made for our market. We are committed to develop a deep understanding of the Grobank client’s world, their financial needs and aspirations," said Georgopoulos.
