Grindrod Bank (GRDB) is a

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with co ...

South Africa South Africa, officially the Republic of South Africa (RSA), is the Southern Africa, southernmost country in Africa. It is bounded to the south by of coastline that stretch along the Atlantic Ocean, South Atlantic and Indian Oceans; to the ...

. It is licensed as a "locally-controlled financial institution" by the

South African Reserve Bank The South African Reserve Bank (SARB) is the central bank of South Africa. It was established in 1921 after Parliament passed an act, the "Currency and Bank Act of 10 August 1920", as a direct result of the abnormal monetary and financial condit ...

, the national banking regulator.

Overview

GRDB is a large financial services provider in

, based on assets. It currently employs ninety six(96) people as of 2011. The bank's total asset base was in excess of US$550 million (ZAR:3.7 billion), with shareholders' equity in excess of US$37 million (ZAR:250 million).

History

The bank was established in 1994 as a subsidiary of

Grindrod Limited Grindrod may refer to: *Grindrod (surname), including a list of people with the name *Grindrod, British Columbia *Grindrod Bank (GRDB), a commercial bank in South Africa *Grindrod Locomotives, a South African railway locomotive manufacturer {{Disa ...

. The bank maintains headquarters in

Durban Durban ( ) ( zu, eThekwini, from meaning 'the port' also called zu, eZibubulungwini for the mountain range that terminates in the area), nicknamed ''Durbs'',Ishani ChettyCity nicknames in SA and across the worldArticle on ''news24.com'' from ...

, with offices in

Johannesburg Johannesburg ( , , ; Zulu and xh, eGoli ), colloquially known as Jozi, Joburg, or "The City of Gold", is the largest city in South Africa, classified as a megacity, and is one of the 100 largest urban areas in the world. According to Dem ...

Pretoria Pretoria () is South Africa's administrative capital, serving as the seat of the executive branch of government, and as the host to all foreign embassies to South Africa. Pretoria straddles the Apies River and extends eastward into the foot ...

and

Cape Town Cape Town ( af, Kaapstad; , xh, iKapa) is one of South Africa's three capital cities, serving as the seat of the Parliament of South Africa. It is the legislative capital of the country, the oldest city in the country, and the second largest ...

. In 2006, it acquired 100% of the assets of Marriott Merchant Bank. Grindrod Bank focuses on meeting the needs of high-net-worth individuals, large corporations and institutions.

Ownership

As of January 2020, Grindrod Bank is 100% owned by Grindrod Financial Holdings. Grindrod Financial Holdings is 96.83% held by Grindrod Limited. Grindrod Limited is the holding company of a dynamic organisation listed on the

Johannesburg Stock Exchange JSE Limited (previously the JSE Securities Exchange and the Johannesburg Stock Exchange) is the largest stock exchange in Africa. It is located in Sandton, Johannesburg, South Africa, after it moved from downtown Johannesburg in 2000. In 2003 ...

, under the symbol: GND. The two business divisions are namely, Freight Services and Financial Services. With more than 100 years experience in South Africa's

logistics Logistics is generally the detailed organization and implementation of a complex operation. In a general business sense, logistics manages the flow of goods between the point of origin and the point of consumption to meet the requirements of ...

transportation Transport (in British English), or transportation (in American English), is the intentional movement of humans, animals, and goods from one location to another. Modes of transport include air, land (rail and road), water, cable, pipeline, ...

, freight movement and related industries.

Branch network

, Grindrod Bank maintains a branch network in the cities of

and

at the following locations: # Durban Head Office & Branch - 1st Floor North, 20 Kingsmead Boulevard, Kingsmead Office Park,

# Johannesburg Branch - 4th Floor, Grindrod Tower, 8a Protea Place,

Sandton Sandton is an upscale commercial and residential district north of the city of Johannesburg, South Africa. It forms part of the City of Johannesburg Metropolitan Municipality. The name of the city came from the combination of two of its suburbs ...

# Pretoria Branch - 1st Floor, Building 21, Oxford Office Park, 3 Bauhinia Street, Centurion,

# Cape Town Branch - 3rd floor, The Terraces, 25 Protea Road, Claremont, Cape Town

Acquisition by African Bank

In May 2022, South African media reported that African Bank had offered ZAR:1.5 billion (approx. USD:97 million) to acquire Grindrod Bank and its holding company ''Grindrod Financial Holdings.'' The deal requires both shareholder and regulatory approvals.

External links

Website of Grindrod Bank

Website of Reserve Bank of South Africa

References

{{Banks of South Africa Banks of South Africa Companies based in Durban Banks established in 1994 1994 establishments in South Africa