RDS surrendered its banking license on 4 April 2014. On 4 April 2016, the new African Bank Limited opened its doors as the new entity, with the required licenses and registrations required by the various regulators in place. In May 2022, African Bank announced a deal to acquire Grindrod Bank in addition to their holding company Grindrod Financial Holdings. African Bank stated that the acquisition worth R1.5 billion, will aid the introduction of business banking into their services since Grindrod Bank has 26 years of specialisation in the corporate and investment banking sector. Shareholding As of September 2022, the shareholding in the stock of African Bank Limited, was as depicted in the table below. Leadership as of September 2021 The chairperson of the 12-person board of directors is Thabo Dloti, a non-executive director. The chief executive officer is Kennedy Bungane. See also List of banks in South Africa Reserve Bank of South Africa Economy of South Africa African Central Bank References External links Website of African Bank Limited Website of Reserve Bank of South Africa Banks of South Africa Financial services companies of South Africa Companies based in Johannesburg Banks established in 2016 South African companies established in 2016