Juicy Saambou pickings for African Bank


Juicy Saambou pickings for African Bank

Saambou deal has yielded spectacular loans treasure.

 

Affordable, responsible and convenient. That’s the lead-in slogan in the latest annual report of African Bank, South Africa’s biggest legalised loan shark.

Using the word “affordable” to describe African Bank’s loans is almost funny – if you have a taste for cynical oxymorons. The hypocrisy is even more apparent after a closer look at how African Bank has feasted off the Saambou personal loans book it took over in 2002, with kind blessings from the SA Reserve Bank.

 

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