Grindrod Bank
 | |
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 1994 |
| Headquarters | Durban, South Africa |
Key people | David Polkinghorne (CEO); Rakesh Garach (CFO); Gareth Jasson (COO) |
| Products | Loans, savings, invoice discounting, investments, deposits, property, corporate finance |
| Total assets | US$550+ million (2009) |
Number of employees | +190 (2020) |
| Website | grindrodbank |
Grindrod Bank (GRDB) is a commercial bank in South Africa. It is licensed as a "locally-controlled financial institution" by the South African Reserve Bank, the national banking regulator.[1]
Overview
[edit]GRDB is a large financial services provider in South Africa, based on assets. It currently employs ninety six(96) people as of 2011. The bank's total asset base was in excess of US$550 million (ZAR:3.7 billion), with shareholders' equity in excess of US$37 million (ZAR:250 million).[2]
History
[edit]The bank was established in 1994 as a subsidiary of Grindrod Limited. The bank maintains headquarters in Durban, with offices in Johannesburg, Pretoria and Cape Town. In 2006, it acquired 100% of the assets of Marriott Merchant Bank. Grindrod Bank focuses on meeting the needs of high-net-worth individuals, large corporations and institutions.[3]
Ownership
[edit]As of January 2020, Grindrod Bank is 100% owned by Grindrod Financial Holdings. Grindrod Financial Holdings is 96.83% held by Grindrod Limited.
Grindrod Limited is the holding company of a dynamic organisation listed on the Johannesburg Stock Exchange, under the symbol: GND. The two business divisions are namely, Freight Services and Financial Services. With more than 100 years experience in South Africa's logistics, transportation, freight movement and related industries.
Branch network
[edit]As of January 2020[update], Grindrod Bank maintains a branch network in the cities of Johannesburg, Durban, Pretoria and Cape Town at the following locations:[4]
- Durban Head Office & Branch - 1st Floor North, 20 Kingsmead Boulevard, Kingsmead Office Park, Durban
- Johannesburg Branch - 4th Floor, Grindrod Tower, 8a Protea Place, Sandton, Johannesburg
- Pretoria Branch - 1st Floor, Building 21, Oxford Office Park, 3 Bauhinia Street, Centurion, Pretoria
- Cape Town Branch - 3rd floor, The Terraces, 25 Protea Road, Claremont, Cape Town
Acquisition by African Bank
[edit]In May 2022, South African media reported that African Bank had offered ZAR:1.5 billion (approx. USD:97 million) to acquire Grindrod Bank and its holding company Grindrod Financial Holdings. The deal requires both shareholder and regulatory approvals.[5][6]
External links
[edit]- Website of Grindrod Bank
- Website of Reserve Bank of South Africa Archived 2011-03-19 at the Wayback Machine
See also
[edit]
References
[edit]- ^ List of Licensed Financial Institutions In South Africa Archived 2009-05-24 at the Wayback Machine
- ^ [1] Archived 2010-04-17 at the Wayback Machine Company Profile of Grindrod Bank
- ^ Kamhunga, Sure (2010-07-08). "South Africa: Small Banks 'Have Edge Over Larger Rivals'". Business Day (Johannesburg). Retrieved 2017-08-31.
- ^ "Branches of Grindrod Bank". Archived from the original on 2010-04-18. Retrieved 2010-11-08.
- ^ Businesstech South Africa (26 May 2022). "African Bank to buy Grindrod for R1.5 billion as it plans move into business banking". Businesstech.co.za. Lyttelton, Gauteng, South Africa. Retrieved 31 May 2022.
{{cite web}}:|author=has generic name (help) - ^ Sasha Planting (26 May 2022). "African Bank takes a leap into business banking with R1.5bn acquisition of Grindrod Bank". Daily Maverick. Johannesburg, South Africa. Retrieved 31 May 2022.
| Central bank | |
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| Big four commercial banks | |
| Investment banks | |
| Other | |
| Defunct | |
