The Financial Services Board (FSB) and the South African Reserve Bank (Sarb) have given African Bank (ABIL) their approval to relaunch itself as “Good Bank”, using its salvaged assets.
In August last year, Abil underwent a widely publicised curatorship, owing to reckless lending and mismanagement, among other things.
Good Bank’s curator, Tom Winterboer announced that it is now a licensed Financial Services Provider, under the Financial Advisory and Intermediary Services Act. Though Good Bank is subject to specific stipulations and limitations, these do not interfere with its intended business model.
Brian Riley, the designated CEO of Good Bank asserted that “These developments are significant to enable the commencement of Good Bank.
“We continue to engage pro-actively and constructively with the regulators, and in particular the SARB, which is a key stakeholder in the journey to the launch of the business.”
An agreement has already been reached between Good Bank and the proprietors of the majority of its debt.
However, Winterboer affirmed that Good Bank still awaited final registration under the Banks Act and a Credit Provider License from the National Credit Regulator (NCR).