African Bank offers to buy back bonds worth $500 million

African Bank, a lender which was rescued and recapitalised by the central bank after its parent African Bank Investments Limited collapsed in 2014, said its aim was to reduce its interest expense with the tender offer, which will be open until July 13.

A South African child holds a 50 rand note  in a file photo.

Bailed-out lender African Bank on Friday opened an offer to repurchase up to $500 million worth of bonds from its foreign currency-denominated bond holders, the South African bank said.

African Bank, a lender which was rescued and recapitalised by the central bank after its parent African Bank Investments Limited collapsed in 2014, said its aim was to reduce its interest expense with the tender offer, which will be open until July 13.

In April the bank was split into a "good" unit to attract new clients and Residual Debt Services to rake in old debts.

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