Summary of Proposed Investment
Project Number
21642
Company Name
RESIDUAL DEBT SERVICES LIMITED
Date SPI Disclosed
Oct 15, 2003
Country
South Africa
Industry
Financial Markets
Projected Board Date
Nov 17, 2003
Status
Completed
Sector
Commercial Banking - General
Department
Global Industry, Financial Markets
Environmental Category
FI-1 - Significant
Previous Events
Approved : Nov 20, 2003
Signed : Nov 21, 2003
Invested : Nov 27, 2003
Project Description
African Bank is a wholly owned subsidiary of African Bank Investment Limited (ABIL, the bank , or the company), an investment holding company listed on the JSE Securities Exchange South Africa. With total assets in excess of ZAR6 billion, African Bank is the largest unsecured credit provider to the previously considered non-bankable sector in South Africa. The Bank employs more than 860 people and operates through 221 branches and outlets that are grouped in four geographic regions in South Africa.
The project will consist in purchasing two African Bank Limited (African Bank) debt instruments for up to ZAR29 million (~$4 million) maturing on December 2005 and September 2006. This option was given to IFC in the course of another transaction to compensate for the principal impairment suffered by IFC.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Mr. Leon Kirkinis, Executive Managing Director,
Tel: 2711 256 9000, Fax: 2711 256 9216,
Address: Private Bag X170,
Halfway House, 1685,
South Africa