South African Reserve Bank and African Bank Investments

African Bank Investments: Reuters South Africas central bank stepped in to rescue unsecured lender African Bank Investments on Sunday, placing it under external supervision and announcing plans for a $940 million 560 million pounds capital injection underwritten by local lenders, according to Euro News. Abil, as the bank is widely known, has been crushed by waves of bad loans as its core market of low-income borrowers have failed to repay debts, struggling with high unemployment and rising fuel and food costs and By David Dolan The rescue, which will see the South African Reserve Bank acquire the lenders 17-billion-rand $1.6-billion bad loan portfolio, follows an investor exodus from African Bank earlier this week after it warned of a full-year loss and said it needed a massive capital raising. (news.financializer.com). As reported in the news.