African Bank keen to sell Ellerines unit

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Johannesburg - South African lender African Bank still plans to sell off its retail unit, Ellerines, but is keen to retain the financial services part of the business and the distribution footprint to sell loans, its chief executive said on Wednesday.

“We do intend to pursue a strategic transaction with Ellerines and it remains on our agenda. However, we have to ensure Ellerines is built and strengthened to effect such a transaction,” chief executive Leon Kirkinis told analysts. - Reuters


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