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{{Short description|South African commercial bank}}
{{Infobox_Company |
{{Infobox company
company_name = Grindrod Bank|
| name = Grindrod Bank
company_logo = |
| logo = Grindrod Bank logo.svg
company_type = [[Private company|Private]]|
| type = [[Private company|Private]]
company_slogan = |
foundation = 1994|
| foundation = 1994
location = [[Johannesburg]], [[South Africa]]|
| location = [[Durban, South Africa]]
| key_people = [[David Polkinghorne (cricketer)|David Polkinghorne]] (CEO); Rakesh Garach (CFO); Gareth Jasson (COO)
key_people = |
num_employees = 72 (2009)|
| num_employees = +190 (2020)
assets = US$550+ million (2009)|
| assets = US$550+ million (2009)
revenue = |
| revenue =
industry = [[Financial Services]]|
| industry = [[Financial services]]
products = [[Loans]], [[Savings]], [[cheque|Checking]], [[Investments]], [[Debit Cards]], [[Credit Cards]], [[Mortgages]]|
| products = [[Loans]], [[savings]], [[invoice discounting]], [[investments]], [[deposits]], [[property]], [[corporate finance]]
homepage = [http://www.grindrodbank.co.za/ Homepage]
| homepage = {{url|grindrodbank.co.za}}
}}
}}


'''Grindrod Bank (GRDB)''', is a [[commercial bank]] in the [[Republic of South Africa]]. It is licensed as a "locally-controlled financial institution" by the [[South African Reserve Bank|Reserve Bank of South Africa]], the national banking regulator.<ref>[http://www.finforum.co.za/banks_south_africa.htm#local%20banks List of Licensed Financial Institutions In South Africa]</ref>
'''Grindrod Bank (GRDB)''' is a [[commercial bank]] in [[South Africa]]. It is licensed as a "locally-controlled financial institution" by the [[South African Reserve Bank]], the national banking regulator.<ref>[http://www.finforum.co.za/banks_south_africa.htm#local%20banks List of Licensed Financial Institutions In South Africa] {{webarchive|url=https://web.archive.org/web/20090524181215/http://www.finforum.co.za/banks_south_africa.htm |date=2009-05-24 }}</ref>


==Overview==
==Overview==
GRDB is a large financial services provider in [[South Africa]], based on assets. It employed seventy-two (72) people in 2009. The bank's total asset base was in excess of US$550 million (ZAR:3.7 billion), with shareholders' equity in excess of US$37 million (ZAR:250 million).<ref>[http://www.grindrodbank.co.za/CompanyProfile/History.aspx Company Profile of Grindrod Bank]</ref>
GRDB is a large financial services provider in [[South Africa]], based on assets. It currently employs ninety six(96) people as of 2011. The bank's total asset base was in excess of US$550 million (ZAR:3.7 billion), with shareholders' equity in excess of US$37 million (ZAR:250 million).<ref>[http://www.grindrodbank.co.za/CompanyProfile/History.aspx] {{Webarchive|url=https://web.archive.org/web/20100417155649/http://www.grindrodbank.co.za/CompanyProfile/History.aspx |date=2010-04-17 }} Company Profile of Grindrod Bank</ref>


==History==
==History==
The bank was established in 1994 as a subsidiary of Grindrod Limited. The bank maintains headquarters in [[Johannesburg]], with offices in [[Capetown]] and [[Durban]]. In 2006, it acquired 100% of the assets of Marriott Merchant Bank. Grindrod Bank focuses on meeting the needs of high net-worth individuals, large corporations and institutions.<ref>[http://allafrica.com/stories/201007080506.html About Grindrod Bank]</ref> However, it has several [[retail bank]]ing products aimed at the broad market, such as the '''Sharp!Banking''' [[debit card]].<ref>[http://www.grindrodbank.co.za/Retail.aspx About Sharp!Banking Debit Card]</ref>
The bank was established in 1994 as a subsidiary of [[Grindrod Limited]]. The bank maintains headquarters in [[Durban]], with offices in [[Johannesburg]], [[Pretoria]] and [[Cape Town]]. In 2006, it acquired 100% of the assets of Marriott Merchant Bank. Grindrod Bank focuses on meeting the needs of high-net-worth individuals, large corporations and institutions.<ref>{{Cite news|url=http://allafrica.com/stories/201007080506.html|title=South Africa: Small Banks 'Have Edge Over Larger Rivals'|last=Kamhunga|first=Sure|date=2010-07-08|work=Business Day (Johannesburg)|access-date=2017-08-31}}</ref>


==Ownership==
==Ownership==
As of January 2020, Grindrod Bank is 100% owned by Grindrod Financial Holdings. Grindrod Financial Holdings is 96.83% held by '''Grindrod Limited'''.
The [[stock]] of Grindrod Bank is 100% owned by '''Grindrod Limited''', a large shipping and logistics company, whose shares trade on the [[Johannesburg Stock Exchange]], under the symbol: '''GND'''. Grindrod Limited is a large [[Conglomerate (company)|conglomerate]], whose businesses include [[shipping]], [[manufacturing]], [[logistics]], [[transportation]], [[investments]] and [[finance]].<ref>[http://allafrica.com/stories/201007080506.html Grindrod Bank Is Subsidiary of Grindrod Limited]</ref>


Grindrod Limited is the holding company of a dynamic organisation listed on the [[Johannesburg Stock Exchange]], under the symbol: '''GND'''. The two business divisions are namely, Freight Services and Financial Services. With more than 100 years experience in South Africa's [[logistics]], [[transportation]], freight movement and related industries.
⚫
==Branch Network==

{{asof|November 2010}}, Grindrod Bank maintains a branch network in the cities of [[Johannesburg]], [[Capetown]] and [[Durban]].
⚫
==Branch network==
{{asof|January 2020}}, Grindrod Bank maintains a branch network in the cities of [[Johannesburg]], [[Durban]], [[Pretoria]] and [[Cape Town]] at the following locations:<ref>{{Cite web |url=http://www.grindrodbank.co.za/Contact.aspx |title=Branches of Grindrod Bank |access-date=2010-11-08 |archive-url=https://web.archive.org/web/20100418064258/http://grindrodbank.co.za/Contact.aspx |archive-date=2010-04-18 |url-status=dead }}</ref>

# Durban Head Office & Branch - 1st Floor North, 20 Kingsmead Boulevard, Kingsmead Office Park, [[Durban]]
# Johannesburg Branch - 4th Floor, Grindrod Tower, 8a Protea Place, [[Sandton]], [[Johannesburg]]
# Pretoria Branch - 1st Floor, Building 21, Oxford Office Park, 3 Bauhinia Street, Centurion, [[Pretoria]]
# Cape Town Branch - 3rd floor, The Terraces, 25 Protea Road, [[Claremont, Cape Town]]

==Acquisition by African Bank==
In May 2022, South African media reported that [[African Bank]] had offered ZAR:1.5 billion (approx. USD:97 million) to acquire Grindrod Bank and its holding company ''Grindrod Financial Holdings.'' The deal requires both shareholder and regulatory approvals.<ref>{{cite web| work=Businesstech.co.za | url=https://businesstech.co.za/news/banking/590732/african-bank-to-buy-grindrod-for-r1-5-billion-as-it-plans-move-into-business-banking/ |title=African Bank to buy Grindrod for R1.5 billion as it plans move into business banking |date=26 May 2022 |
author=Businesstech South Africa |access-date=31 May 2022 | location=Lyttelton, Gauteng, South Africa}}</ref><ref>{{cite web| url=https://www.dailymaverick.co.za/article/2022-05-26-pics-pending-african-bank-takes-a-leap-into-business-banking-with-r1-5bn-acquisition-of-grindrod-bank/ |title=African Bank takes a leap into business banking with R1.5bn acquisition of Grindrod Bank |work=[[Daily Maverick]] |date=26 May 2022 |author=Sasha Planting |access-date=31 May 2022 |location=Johannesburg, South Africa}}</ref>


==External links==
==External links==
* [http://www.grindrodbank.co.za/ Website of Grindrod Bank]
* [http://www.grindrodbank.co.za/ Website of Grindrod Bank]
* [http://www.reservebank.co.za/ Website of Reserve Bank of South Africa]
* [http://www.reservebank.co.za/ Website of Reserve Bank of South Africa] {{Webarchive|url=https://web.archive.org/web/20110319083724/http://www.reservebank.co.za/ |date=2011-03-19 }}


==See also==
==See also==
{{Portal|Banks}}
*[[List of banks in South Africa]]
*[[List of banks in South Africa]]
*[[South African Reserve Bank|Reserve Bank of South Africa]]
*[[South African Reserve Bank|Reserve Bank of South Africa]]
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==References==
==References==
{{reflist}}
{{reflist|30em}}

⚫
{{Banks of South Africa}}


[[Category:Banks of South Africa]]
[[Category:Banks of South Africa]]
[[Category:Companies of South Africa]]
[[Category:Companies based in Durban]]
[[Category:Companies based in Johannesburg]]
[[Category:Banks established in 1994]]
[[Category:Banks established in 1994]]
[[Category:Companies established in 1994]]
[[Category:1994 establishments in South Africa]]
[[Category:Johannesburg]]
⚫
{{Banks of South Africa}}

Latest revision as of 10:31, 25 June 2024

Grindrod Bank
Company typePrivate
IndustryFinancial services
Founded1994
HeadquartersDurban, South Africa
Key people
David Polkinghorne (CEO); Rakesh Garach (CFO); Gareth Jasson (COO)
ProductsLoans, savings, invoice discounting, investments, deposits, property, corporate finance
Total assetsUS$550+ million (2009)
Number of employees
+190 (2020)
Websitegrindrodbank.co.za

Grindrod Bank (GRDB) is a commercial bank in South Africa. It is licensed as a "locally-controlled financial institution" by the South African Reserve Bank, the national banking regulator.[1]

Overview

[edit]

GRDB is a large financial services provider in South Africa, based on assets. It currently employs ninety six(96) people as of 2011. The bank's total asset base was in excess of US$550 million (ZAR:3.7 billion), with shareholders' equity in excess of US$37 million (ZAR:250 million).[2]

History

[edit]

The bank was established in 1994 as a subsidiary of Grindrod Limited. The bank maintains headquarters in Durban, with offices in Johannesburg, Pretoria and Cape Town. In 2006, it acquired 100% of the assets of Marriott Merchant Bank. Grindrod Bank focuses on meeting the needs of high-net-worth individuals, large corporations and institutions.[3]

Ownership

[edit]

As of January 2020, Grindrod Bank is 100% owned by Grindrod Financial Holdings. Grindrod Financial Holdings is 96.83% held by Grindrod Limited.

Grindrod Limited is the holding company of a dynamic organisation listed on the Johannesburg Stock Exchange, under the symbol: GND. The two business divisions are namely, Freight Services and Financial Services. With more than 100 years experience in South Africa's logistics, transportation, freight movement and related industries.

Branch network

[edit]

As of January 2020, Grindrod Bank maintains a branch network in the cities of Johannesburg, Durban, Pretoria and Cape Town at the following locations:[4]

  1. Durban Head Office & Branch - 1st Floor North, 20 Kingsmead Boulevard, Kingsmead Office Park, Durban
  2. Johannesburg Branch - 4th Floor, Grindrod Tower, 8a Protea Place, Sandton, Johannesburg
  3. Pretoria Branch - 1st Floor, Building 21, Oxford Office Park, 3 Bauhinia Street, Centurion, Pretoria
  4. Cape Town Branch - 3rd floor, The Terraces, 25 Protea Road, Claremont, Cape Town

Acquisition by African Bank

[edit]

In May 2022, South African media reported that African Bank had offered ZAR:1.5 billion (approx. USD:97 million) to acquire Grindrod Bank and its holding company Grindrod Financial Holdings. The deal requires both shareholder and regulatory approvals.[5][6]

[edit]

See also

[edit]

References

[edit]
  1. ^ List of Licensed Financial Institutions In South Africa Archived 2009-05-24 at the Wayback Machine
  2. ^ [1] Archived 2010-04-17 at the Wayback Machine Company Profile of Grindrod Bank
  3. ^ Kamhunga, Sure (2010-07-08). "South Africa: Small Banks 'Have Edge Over Larger Rivals'". Business Day (Johannesburg). Retrieved 2017-08-31.
  4. ^ "Branches of Grindrod Bank". Archived from the original on 2010-04-18. Retrieved 2010-11-08.
  5. ^ Businesstech South Africa (26 May 2022). "African Bank to buy Grindrod for R1.5 billion as it plans move into business banking". Businesstech.co.za. Lyttelton, Gauteng, South Africa. Retrieved 31 May 2022. {{cite web}}: |author= has generic name (help)
  6. ^ Sasha Planting (26 May 2022). "African Bank takes a leap into business banking with R1.5bn acquisition of Grindrod Bank". Daily Maverick. Johannesburg, South Africa. Retrieved 31 May 2022.
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