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S.Africa's central bank announces rescue of African Bank
August 10, 2014 / 2:46 PM / 3 years ago

S.Africa's central bank announces rescue of African Bank

PRETORIA, Aug 10 (Reuters) - South Africa’s central bank said on Sunday it had put lender African Bank Investments under curatorship, as part of a rescue plan that will include a 10 billion rand ($939 million) capital injection.

A consortium of South Africa’s major lenders, including Standard Bank, Nedbank and FirstRand will underwrite the capital raising, South African Reserve Bank Governor Gill Marcus told a news conference. ($1 = 10.6540 South African Rand) (Reporting by David Dolan; editing by Keiron Henderson)

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