In January 2008, ABIL acquired Ellerines Holdings Limited, a successful and established credit and cash retail furniture and appliance business. ABIL now consists of two underlying operations; the African Bank business unit, providers of unsecured credit; and the Ellerines Holdings Limited business unit, consisting of retail and financial services operations. The group’s immediate objectives are to enhance the individual business units’ performance, whilst ensuring that they act in concert with each other to optimise value to ABIL shareholders.
From small commercial bank to leader in affordable finance
ABIL was formed in 1994 as an investment trust company known as Baobab Solid Growth. Baobab started focusing on the financial services industry and acquired controlling interests in various entities, among those being Theta Securities, Altfin, King and Unity. Baobab changed it’s name to Theta Group and then to African Bank Investments Limited in 1999 following the acquisition of African Bank. The Altfin, King and Unity businesses were integrated into one operation, housed in African Bank.
For the past six years, the group has focused primarily on optimising its business model, enhancing its service offering to its clients, establishing appropriate growth patterns and providing its funders and shareholders with satisfactory returns.
In January 2008, ABIL acquired Ellerine Holdings Limited ("Ellerines"), an established credit and cash retail furniture and appliance group operating a number of well known brands through a substantial branch network and with approximately 1,3 million credit active clients. The joining of the two businesses, African Bank and Ellerines, under a single ownership structure will optimise the ABIL group’s opportunities to play a leading role in the reshaping of the retail and financial services offering to this market.