JOHANNESBURG - African Bank has begun formal consultations with the South African Society of Bank Officials over a restructuring process that could close 90 branches and cut 1,200 jobs.
The lender says the move follows a review after costs outpaced risk-adjusted revenue.
African Bank says it also explored savings in IT, procurement, and property before deciding on restructuring.
The bank says these changes are necessary to boost efficiency and secure long-term sustainability.
African Bank says no final decisions have been made and it will continue engaging Sasbo throughout the Section 189A consultation process.