Grindrod Bank, which was purchased by African Bank in 2022, has announced a change to its board of directors following the resignation of Robert Hutchinson-Keip.
The lender advised shareholders in a stock exchange news service (Sens) filing on Monday that it had appointed Dhevendren Dharmalingam as an independent non-executive director. He was also mentioned as a member of the credit and large exposure committee and chair of the audit and compliance committee.
Grindrod Bank said the changes were with effect from May 19, the date on which approval from the Prudential Authority (PA) of the SA Reserve Bank was received.
The Sens statement said Dharmalingam’s appointment was in line with Grindrod Bank’s policy on the nomination and appointment of directors. The announcement follows the resignation of Hutchinson-Keip on March 31 for health reasons.
“The board wishes to extend a warm welcome to Mr Dharmalingam and looks forward to his contribution,” Grindrod Bank said in the statement. “The board would also like to extend its gratitude to Mr Hutchinson-Keip for his invaluable contribution and wishes him well on his future endeavours.”
African Bank announced the acquisition of Grindrod Bank in May 2022 as part of a strategy to accelerate its entry into business banking. The R1.5bn deal involved the 100% buyout of Grindrod Bank from Grindrod Ltd, the JSE-listed freight logistics group.
Grindrod Bank was established as a boutique merchant bank in 1994 and received its licence two years later.
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