Grindrod Bank

Grindrod Bank
TypePrivate
IndustryFinancial services
Founded1994
HeadquartersDurban, South Africa
Key peopleDavid Polkinghorne (CEO); Rakesh Garach (CFO); Gareth Jasson (COO)
ProductsLoans, savings, invoice discounting, investments, deposits, property, corporate finance
Total assetsUS$550+ million (2009)
Number of employees
+190 (2020)
Websitegrindrodbank.co.za

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.

Overview

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).

History

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.

Ownership

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 a holding company listed on the Johannesburg Stock Exchange under the ticker GND. The two business divisions are: Freight Services and Financial Services. The company operates in logistics, transportation, freight movement, and related industries in South Africa and has over 100 years of operating history.

Branch network

As of January 2020, Grindrod Bank maintains a branch network in the cities of Johannesburg, Durban, Pretoria and Cape Town at the following locations:

  1. Durban Head Office & Branch - 1st Floor North, 20 Kingsmead Boulevard, Kingsmead Office Park, Durban
  2. Johannesburg Branch - 4th Floor, Grindrod Tower, 8a Protea Place, Sandton, Johannesburg
  3. Pretoria Branch - 1st Floor, Building 21, Oxford Office Park, 3 Bauhinia Street, Centurion, Pretoria
  4. Cape Town Branch - 3rd floor, The Terraces, 25 Protea Road, Claremont, Cape Town

Acquisition by African Bank

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.

See also

References

  1. ↑ List of Licensed Financial Institutions In South Africa Archived 2009-05-24 at the Wayback Machine
  2. ↑ Archived 2010-04-17 at the Wayback Machine Company Profile of Grindrod Bank
  3. ↑ Kamhunga, Sure (2010-07-08). "South Africa: Small Banks 'Have Edge Over Larger Rivals'". Business Day (Johannesburg). Retrieved 2017-08-31.
  4. ↑ "Branches of Grindrod Bank". Archived from the original on 2010-04-18. Retrieved 2010-11-08.
  5. ↑ 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)
  6. ↑ 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.