Grindrod Bank
Encyclopedia
Grindrod Bank, 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.
, 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).
, with offices in Cape Town
and Durban
. 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.
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
.
, CapeTown and Durban
at the following locations:
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
in the Republic of South Africa. It is licensed as a "locally-controlled financial institution" by the Reserve Bank of South Africa
South African Reserve Bank
The South African Reserve Bank is the central bank of South Africa. It was established in 1921 after Parliament passed an act, the "Currency and Bank Act of 10 August 1920," as a direct result of the abnormal monetary and financial conditions which World War I had brought...
, the national banking regulator.
Overview
GRDB is a large financial services provider in South AfricaSouth Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
, 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).
History
The bank was established in 1994 as a subsidiary of Grindrod Limited. The bank maintains headquarters in JohannesburgJohannesburg
Johannesburg also known as Jozi, Jo'burg or Egoli, is the largest city in South Africa, by population. Johannesburg is the provincial capital of Gauteng, the wealthiest province in South Africa, having the largest economy of any metropolitan region in Sub-Saharan Africa...
, with offices in Cape Town
Cape Town
Cape Town is the second-most populous city in South Africa, and the provincial capital and primate city of the Western Cape. As the seat of the National Parliament, it is also the legislative capital of the country. It forms part of the City of Cape Town metropolitan municipality...
and Durban
Durban
Durban is the largest city in the South African province of KwaZulu-Natal and the third largest city in South Africa. It forms part of the eThekwini metropolitan municipality. Durban is famous for being the busiest port in South Africa. It is also seen as one of the major centres of tourism...
. 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.
Ownership
The stockStock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
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
Conglomerate (company)
A conglomerate is a combination of two or more corporations engaged in entirely different businesses that fall under one corporate structure , usually involving a parent company and several subsidiaries. Often, a conglomerate is a multi-industry company...
, whose businesses include shipping
Shipping
Shipping has multiple meanings. It can be a physical process of transporting commodities and merchandise goods and cargo, by land, air, and sea. It also can describe the movement of objects by ship.Land or "ground" shipping can be by train or by truck...
, manufacturing
Manufacturing
Manufacturing is the use of machines, tools and labor to produce goods for use or sale. The term may refer to a range of human activity, from handicraft to high tech, but is most commonly applied to industrial production, in which raw materials are transformed into finished goods on a large scale...
, logistics
Logistics
Logistics is the management of the flow of goods between the point of origin and the point of destination in order to meet the requirements of customers or corporations. Logistics involves the integration of information, transportation, inventory, warehousing, material handling, and packaging, and...
, transportation, investments and finance
Finance
"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...
.
Branch network
, Grindrod Bank maintains a branch network in the cities of JohannesburgJohannesburg
Johannesburg also known as Jozi, Jo'burg or Egoli, is the largest city in South Africa, by population. Johannesburg is the provincial capital of Gauteng, the wealthiest province in South Africa, having the largest economy of any metropolitan region in Sub-Saharan Africa...
, CapeTown and Durban
Durban
Durban is the largest city in the South African province of KwaZulu-Natal and the third largest city in South Africa. It forms part of the eThekwini metropolitan municipality. Durban is famous for being the busiest port in South Africa. It is also seen as one of the major centres of tourism...
at the following locations:
- Johannesburg Branch - 1st Floor, Building Three, Commerce Square, 39 Rivonia Road, Sandton, JohannesburgJohannesburgJohannesburg also known as Jozi, Jo'burg or Egoli, is the largest city in South Africa, by population. Johannesburg is the provincial capital of Gauteng, the wealthiest province in South Africa, having the largest economy of any metropolitan region in Sub-Saharan Africa...
Main Branch - Cape Town Branch - The Terraces, Block B, Steenberg Office Park, Tokai, Cape TownTokai, Cape TownTokai, a large residential suburb of Cape Town, South Africa, is situated on the foothills of the Constantiaberg, and is bordered by, Steenberg and Kirstenhof to the South, Bergvliet to the East, Constantia to the North and the SAFCOL pine tree plantations against the mountain to the...
- Durban Branch - 1st Floor North, 20 Kingsmead Boulevard, Kingsmead Office Park, DurbanDurbanDurban is the largest city in the South African province of KwaZulu-Natal and the third largest city in South Africa. It forms part of the eThekwini metropolitan municipality. Durban is famous for being the busiest port in South Africa. It is also seen as one of the major centres of tourism...
External links
See also
- List of banks in South Africa
- Reserve Bank of South AfricaSouth African Reserve BankThe South African Reserve Bank is the central bank of South Africa. It was established in 1921 after Parliament passed an act, the "Currency and Bank Act of 10 August 1920," as a direct result of the abnormal monetary and financial conditions which World War I had brought...
- Economy of South AfricaEconomy of South AfricaThe economy of South Africa is the largest in Africa, accounts for 24% of its Gross Domestic Product in terms of PPP, and is ranked as an upper-middle income economy by the World Bank, which makes the country one of only four countries in Africa represented in this category...