South African Bank of Athens merger approved - Finance minister indicated he won't oppose the merger


Tribunal approves merger involving GroCapital Holdings and South African Bank of Athens


The Competition Tribunal has approved a large merger between GroCapital Holdings, a subsidiary of AFGRI Holdings and Fairfax Africa Investment, and the South African Bank of Athens (SABA). The Minister of Finance has indicated that he will not oppose the merger.

Post-merger, GroCapital will control South African Bank of Athens. Target firm SABA is controlled by the National Bank of Greece S.A.

AFGRI Holdings is an agricultural services, financial services and food processing company operating in South Africa, and SABA is a South African-based bank providing business banking services to medium-sized local businesses, as well as niche transactional banking solutions to the broader market. Of relevance to this merger is the business banking and financing market.

The merger was approved by the Tribunal on 22 August, 2017 without conditions.

Issued by:

Chantelle Benjamin

Communications: Competition Tribunal   

Tel (012)394 1383                                     

Cell: +27 (0) 73 007 5603  

Twitter: @comptrib                                       



On Behalf Of:

Lerato Motaung                                                   

Registrar: Competition Tribunal                                        

Tel: (012) 394 3355                                             

Cell: +27 (0) 82 556 3221