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Zweli Manyathi, head of business banking at African Bank.
African Bank says its deal to buy Sasfin Bank’s Commercial Equipment Finance (CEF) and Commercial Property Finance (CPF) units position it perfectly to win more market share in the middle of the business banking pyramid, though it says there’s a particular sweet spot it is targeting within that broader client segment.
Zweli Manyathi, head of business banking at African Bank, defines the group’s broad target market in the business banking sector as enterprises with annual revenues of between R5 million and R1.5 billion, though he says the ideal client tends to be towards the lower end of that revenue band. The Sasfin deal could also make African Bank more appealing to investors as it prepares to list in 2025, a move that will allow shareholders that include the Reserve Bank to divest stakes they took in the lender as part of a rescue effort following the near collapse of its former parent, African Bank Investments (Abil), in 2014.
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