South Africa Archives — Business Bells

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Tag: South Africa

  • Grobank Formally Becomes Access Bank South Africa

    Grobank Formally Becomes Access Bank South Africa

     

    Grobank Limited has been officially renamed Access Bank South Africa Limited, this followed the completion of all regulatory procedures.

     

    The deal was finalized after Access Bank’s acquisition of controlling shares in the former Grobank Limited, South Africa.

     

    With this development, Access Bank South Africa Limited is positioned to deliver a robust banking operation that connects key African markets.

     

    At an official closing ceremony in Sandton on Monday, top executives of the two banks were upbeat about new opportunities for clients, noting that the Bank will continue to support all its stakeholders, while opening doors to growth both in the short and long term.

     

    CEO of Grobank Bennie van Rooy said, “This is an extremely exciting day for the South African banking industry. Our corporate customers will now have increased access to trade finance, treasury, international payments and loans through the wider distribution network offered by Access Bank’s presence in the key trade corridors that connect Africa to the rest of the world.

     

    “Banking with Access Bank South Africa means greater security as well as access to more products and services through a best-in-class digital platform, and a full retail banking suite will soon be on offer.”

     

    CEO of Access Bank Plc, Herbert Wigwe said: “Today’s ceremony in South Africa seals our commitment to delivering our strategic aspirations of becoming Africa’s Gateway to the World, in line with our vision to be the World’s Most Respected African Bank.

     

    “We look forward to the many opportunities our collective experience and deep understanding of the African market brings to our valued clients, and the journey ahead being one of great promise for our institution and the continent.”

     

    Access Bank Plc. is a leading full-service commercial Bank operating through a network of more than 600 branches and service outlets, spanning three continents, 12 countries and 31 million customers. The Bank employs 28,000 people in its operations in Nigeria and has subsidiaries in Sub-Saharan Africa and the United Kingdom (with a branch in Dubai, UAE) and representative offices in China, Lebanon and India.

     

  • SAB Resumes Production As South Africa Again Lifts Alcohol Ban

    SAB Resumes Production As South Africa Again Lifts Alcohol Ban

    The South African Breweries (SAB) has announced the resumption of production, sales and distribution trade following the decision of the South African Government to partially lift its latest alcohol sales ban, which was initially imposed to combat the Covid-19 health crisis.

     

    The Brewer tweeted: “SAB welcomes the resumption of trade, a positive step towards rebuilding the economy Together, we can create collaborative solutions for a better, sustainable future, which balances lives and livelihoods. This can only happen when we are responsible together.”

     

    The alcohol bans which resulted in job losses, increase in illicit trading, and a significant decline in economic contributions, prompted major companies like Heineken and Glass manufacturing company—Consol Holdings Limited to halt investments and suspend production. Heineken also announced a 7% trim of its workforce and a necessary move to restructure its operations.

     

    In late March 2020, the country implemented the first ban on the sale and distribution of alcohol and tobacco as a way of curbing the spread of the covid-19 pandemic. The ban was re-imposed in July, reversed in August; and in December, a third ban was announced.

     

    The third ban was actively opposed by South African Breweries as the Company was set to contest the constitutionality of the re-ban in court, stating that the ban would be putting over 1 million livelihoods across its value chain at risk.

     

    The United States, amongst others has placed a travel ban from South Africa in an effort to stop the spread of the highly infectious 501Y.V2 variant, which is believed to have originated there and which is suspected to be more resistant to vaccines. South Africa’s active coronavirus cases are beginning to decline, although with reported deaths and hospitalizations starting to follow suit. The country is the hardest hit on the African continent, with more than 1.45 million cases identified to date.

     

    New restrictions have also been imposed as retail outlets will now sell alcohol between 10:00 and 18:00 from Monday to Thursday, and licensed outlets can serve drinks on-site from 10:00 to 22:00.