SALE OF SHARES TO GROCAPITAL HOLDINGS (PTY) LTD
The South African Bank of Athens Limited is pleased to note that the Minister of Finance and the Competition authorities have provided approval for the acquisition by GroCapital Holdings (Pty) Ltd of the National Bank of Greece Group’s stake in the South African Bank of Athens Limited (“Bank of Athens”), corresponding to 99.81% of the issued share capital (the ‘’Transaction”) of Bank of Athens.
This transaction sees the majority shareholding in Bank of Athens change to GroCapital Holdings, supported by its shareholders AGH (AFGRI Group Holdings), Fairfax Africa and the Public Investment Corporation.
“The Bank is pleased by the completion of the sale and looks forward to both increasing its ability to support and enhance its relationships with its current customer base, as well as opening up new avenues for growth”, said Bank of Athens CEO, Spiro Georgopoulos.
“While the current focus of the Bank on Business Banking and Alliance Banking will certainly remain in place, there is an exciting opportunity to grow the customer base into the agricultural industry and into the associated business markets to that industry”, Georgopoulos went on to say. “The heartland of the Bank’s offering has always been in the SME space and so there is significant synergy with businesses operating in the agricultural sector. Our Alliance Banking offering also provides an interesting offering to AFGRI customers, creating the opportunity for cobranded financial services”