(Corrects JUNE 20 story to show in last bullet that c.bank owns 50% of bank, fixes typo in 12th par and syntax in 16th par and corrects time period in 14th graph) * African Bank to launch overdraft in 2020 * Will also relaunch credit card, expand in insurance * Reversing falling customer numbers key to strategy, comeback * Still 50% owned by c.bank after near-collapse in 2014 By Onke Ngcuka and Emma Rumney JOHANNESBURG, June 20 (Reuters) – Small South African lender African Bank, rescued from failure by the central bank four years ago, plans to offer overdrafts and expand its insurance business as a drop in customer numbers threatens its turnaround strategy. The bank is losing clients after it tightened lending criteria following its re-launch into a competitive banking sector made tougher by under-pressure consumers in a sluggish economy. The first bank to be placed under South African Reserve Bank (SARB) curatorship in over a decade after nearly collapsing under the weight of bad loans in 2014, African Bank says it wants to make a comeback as a safer institution with a base of retail deposits and less focus on risky unsecured credit. It has made strides towards… Read full this story
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CORRECTED-African Bank moves to stem client exodus, safeguard S.African comeback have 298 words, post on www.reuters.com at June 20, 2019. This is cached page on The World Articles. If you want remove this page, please contact us.