African Bank ten­der

Weekend Argus (Saturday Edition) - - LIFE -

BAILED- OUT African Bank has launched an of­fer to buy back up to $500 mil­lion worth of for­eign cur­rency-de­nom­i­nated bonds to cut its in­ter­est bill.

African Bank, which was res­cued and re­cap­i­talised by the cen­tral bank after its par­ent African Bank In­vest­ments Limited col­lapsed in 2014, said the ten­der of­fer would be open un­til July 13.

“The ra­tio­nale of the ten­der of­fer is to re­duce the bank’s in­ter­est ex­pense and thus im­prove earn­ings,” said head of Trea­sury Gavin Jones.

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