JOHANNESBURG, Sept 12 Fri Sep 12, 2014 4:27am EDT
JOHANNESBURG, Sept 12 (Reuters) - Failed South African lender African Bank Investments (Abil) plans to re-list on the Johannesburg exchange in February and may expand into secured lending and insurance, its government-appointed supervisor was quoted saying by a local newspaper on Friday.
Tom Winterboer, appointed by the central bank to restructure the unsecured lender after it faltered under a mountain of bad debts in August, also told Business Day the bank had collected "well over" 2 billion rand ($182 million) from borrowers over the past month.
The central bank stepped in to rescue the bank by placing it under external supervision last month and arranged a planned $940 million rights offering of shares underwritten by other local lenders.
It also separated Abil's good loans from a 17 billion rand($1.6 billion) "bad book", which it took over for 7 billion rand, and appointed a Winterboer, a PricewaterhouseCoopers executive, to lead a restructuring process. The "good bank" is worth 26 billion rand after bad debts.
"We are looking at listing in the second half of February, which means applications to the Johannesburg Stock Exchange must be in by early November," Business Day quoted Winterboer as saying.
"We are already doing vehicle and asset finance and could do that on a secured basis," he said.
The collections of more than 2 billion rand over the last month came from both loan books, Winterboer told the newspaper, adding that Abil was aiming to advance around 1 billion rand in new loans a year from now.
The central bank said this month it was investigating African Bank for reckless lending, questionable management practices and fraud. (1 US dollar = 10.9791 South African rand) (Reporting by Helen Nyambura-Mwaura; Editing by David Dolan)
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