South Africa's African Bank, which collapsed in 2014 but relaunched two years later, has returned to profitability and aims to relist on the Johannesburg Stock Exchange (JSE) in 2027, Mail & Guardian reported on August 11.

The financial institution was founded in 1975 to serve Black South Africans but collapsed due to bad loans and high debt. 

CEO Kennedy Bungane said the bank is on its way up. It has adopted a business model that emphasises traditional physical banking channels alongside modern ones, including digital banking.

"It is that knowledge that propels us towards an IPO — an initial public offering — where shares are offered for public purchase, a historic milestone that will scale our impact as a future-focused bank," he explained.

"This is more than a growth strategy; it’s an invitation for South Africans to own a stake in the bank that was built for them, a bank that has grown into a market leader that is reimagining banking. With deliberate intent, we are ushering in a new era of inclusive, African-led banking that is grounded in our heritage and designed for the future."

In its 2025 interim results, the bank posted a 15% on-year growth in net profit to $11.5mn, had a capital adequacy ratio of 28%, well above regulatory requirements and saw a 20% growth in net advances to 1.8bn, with business and commercial loans rising by 49%. Deposits increased by 8% to $2bn.

Bungane said the bank is pursuing a phased relisting under which it will bolster secured lending, roll out a digital medium and small-scale enterprises lending platform and enhance investment in its digital infrastructure, compliance and cybersecurity.

"In terms of the IPO, phase one is done — a 10% staff share scheme is live. Phase 2 — a BEE (black economic empowerment) retail offer and management incentive plan — is underway. With strong backing from key shareholders like the Public Investment Corporation, the focus now is on scaling, diversifying and cementing a solid equity story ahead of the IPO."