S. Africa’s central bank to bailout African Bank

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First Capital Plus' new status brings the total number of commercial banks in the country to 27.

South Africa’s central bank said on Sunday it had put lender African Bank Investments under curatorship, as part of a rescue plan that will include a 10 billion rand ($939 million) capital injection.

A consortium of South Africa’s major lenders, including Standard Bank, Nedbank and FirstRand will underwrite the capital raising, South African Reserve Bank Governor Gill Marcus told a news conference.

($1 = 10.6540 South African Rand)

Source Reuters

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