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Govt keeping close eye on Abil

The unsecured lender says it needs to raise at least R8.5 billion after significant losses.

Finance Minister Nhlanhla Nene. Picture: GCIS.

JOHANNESBURG - Finance Minister Nhlanhla Nene says government is keeping a close eye on the plight of beleaguered African Bank Investments Limited (Abil).

The unsecured lender says it needs to raise at least R8.5 billion after significant losses.

Nene says talks on how to assist the bank are continuing.

"There is ongoing engagement with Abil on challenges that confront it and measures to resolves these challenges are currently under discussion."

Nene has emphasised however that South Africa's banking sector remains in good shape.

"One assurance is that our banking sector remains healthy and robust and there has been no indication that other South African banks have been affected negatively by Abil's trading updates which is a major concern."