African Bank Holdings Ltd., the lender rescued by the South African government almost a decade ago, plans a pre-sale by March as it gears up for a full initial public offering in 2025.

The pre-IPO could allow South Africa’s central bank — which usually doesn’t hold such investments — to reduce the 50% shareholding it took in 2016 to prevent a collapse of what was then the nation’s biggest unsecured lender. Other owners include the Government Employees Pension Fund with 25% and a consortium of local lenders including Standard Bank Group Ltd. and FirstRand Ltd.