The acquisition of Ubank by African Bank is complete.
According to a statement by African Bank, work is now underway to integrate the organisations.
African Bank said that the final conditions had been met.
African Bank CEO Kennedy Bungane says: “Today marks yet another significant milestone for our growing business as we welcome our Ubank colleagues into the broader African Bank family. This transaction is an essential element of African Bank’s Excelerate25 strategy to build a scalable, diversified, and sustainable banking business with a compelling listable proposition.”
“The key to the deal is that it advances the principle of inclusivity, and it goes a long way to meeting the bank’s founding philosophy of being a bank for the people, by the people, serving the people”, Bungane said.
“Given Ubank’s strong retail deposits, transactional accounts, and partnership with MTN’s Mobile Money, it will accelerate the diversification and scaling of African Bank in line with our mission to build a customer-centric, digital, and data-enabled business.”
UBANK AND AFRICAN BANK COMPLEMENT EACH OTHER
African Bank argues that “Ubank’s market position within the mining sector and distribution footprint complements African Bank’s existing national offering”.
It is the hope that the union will also “provide Ubank’s customers immediate access to African Bank’s nationwide distribution footprint.”
STAFF WILL BE TAKEN CARE OF
It should be noted that Ubank’s customers and staff will be integrated into African Bank’s MyWORLD proposition, which offers a higher degree of personalisation, lower fees, and value for money, according to the statement.
Chairman of the Board of African Bank, Thabo Dloti says: “The Ubank transaction enables us to achieve our growth aspirations, and this milestone allows us to commence the critical work of ensuring that we continue to secure the deposits and enhance the core offering of the Ubank customers and deliver on the mandate to provide relevant solutions to our target customers.”
“A key part of the integration process will be providing growth opportunities for staff across the unified business: We welcome our colleagues from Ubank, acknowledge the critical role of all our stakeholders, and thank our new Ubank customers for the confidence they have demonstrated throughout the Ubank curatorship process.”