Grindrod Bank
| Private | |
| Industry | Financial Services |
| Founded | 1994 |
| Headquarters | Johannesburg, South Africa |
| Products | Loans, Savings, Checking, Investments, Debit Cards, Credit Cards, Mortgages |
| Total assets | US$550+ million (2009) |
Number of employees | 72 (2009) |
| Website | Homepage |
Grindrod Bank (GRDB) is a commercial bank in the Republic of South Africa. It is licensed as a "locally-controlled financial institution" by the Reserve Bank of South Africa, the national banking regulator.[1]
Overview
GRDB is a large financial services provider in South Africa, 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).[2]
History
The bank was established in 1994 as a subsidiary of Grindrod Limited. The bank maintains headquarters in Durban, with offices in Johannesburg, Pretoria and Cape Town. 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.[3]
Ownership
The stock of Grindrod Bank is 100% owned by Grindrod Limited, a large shipping and logistics company, whose shares trade on the Johannesburg Stock Exchange, under the symbol: GND. Grindrod Limited is a large conglomerate, whose businesses include shipping, manufacturing, logistics, transportation, investments and finance.[4]
In July 2014 Bidvest Limited announced that it was looking to acquire 100% of Grindrod Bank and would hope to conclude the deal by the end of 2014. Under the deal, Grindrod Bank would be merged into Bidvest Bank.
Branch network
As of November 2010, Grindrod Bank maintains a branch network in the cities of Johannesburg, Durban, Pretoria and Cape Town at the following locations:[5]
- Durban Head Office & Branch - 1st Floor North, 20 Kingsmead Boulevard, Kingsmead Office Park, Durban
- Johannesburg Branch - 1st Floor, Building Three, Commerce Square, 39 Rivonia Road, Sandton, Johannesburg
- Pretoria Branch - Building 3, Berkley Office Park, 8 Bauhinia Street, Highveld Techno Park, Pretoria
- Cape Town Branch - The Terraces, Block B, Steenberg Office Park, Tokai, Cape Town