FirstRand says hasn’t received notice on grabbing of Finance bank

FirstRand says hasn’t received notice on grabbing of Finance bank

Sizwe Nxasana CEO of FirstRand. Photo: Leon Nicholas.

South Africa’s FirstRand Bank said it has not received any formal notification that its $5.4 million purchase of Finance Bank has been reversed.

“We continue to liaise with the Bank of Zambia, which was the counterparty responsible for the transaction, when we have clarity we will comment further,” Sizwe Nxasana, FirstRand’s chief executive said inresponse to Reuters’ queries.

Zambia’s President Michael Sata said there was no document of the sale and directed treasury to hand the bank, seized by central bank in 2010, back to its former owners. – Reuters

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