Empowering people to grow a sustainable future.

GroCapital Holdings Limited is part of AGH (AFGRI Group Holdings) and was incorporated in 2017 for the exclusive purpose of acting as the Bank Controlling Company for Grobank (known at the time of acquisition as The South African Bank of Athens).

In September 2018, the Minister of Finance and the Registrar of Banks have approved the acquisition of the National Bank of Greece Group’s shares in The South African Bank of Athens (corresponding to 99.81% of the issued share capital of the Bank) and the registration of GroCapital Holdings as a Bank Controlling Company. The Competition Tribunal has also approved the acquisition.

Granting of the bank license marks a huge milestone for AGH.

AGH – AFGRI Group Holdings – is an investment holding company with interests in a number of food, agriculture and financial services related companies providing products and services to ensure sustainable agriculture and food security.

With Grobank, AGH deepens its reach in the financial services, agribusiness and foods sectors in South Africa, where financial services are a key enabler in helping businesses grow and so driving food security.

AGH brings decades of experience in agriculture and foods, coupled with a deep understanding of agricultural cycles. Furthermore, AGH’s invested companies have an established track record in financial services, offering bespoke financial products and services to the agriculture and foods sectors. Access to a full banking license enhances the Group’s offerings to its customers once integration has been achieved.

In Fairfax Africa and the PIC, Grobank will benefit from a substantial and stable shareholder base with proven track records in the financial services sector.

Grobank is positioning itself to deliver both the extensive banking experience gained through its history as SABA, as well as accessing the deep food and agri-business knowledge of its shareholders. This will result in a Bank that is focused firmly on supporting the food and agriculture value chain in South Africa. Grobank will focus on building an agri-banking offering based directly on the insights gained through direct relationships with farmers and agri-businesses held across generations, and will add these to its existing range of proven business banking products and services. These services offered will also allow the Bank to continue to serve and grow its current SME customer base, as well as focusing on expanding its alliance banking business offering.

Grobank is one of only seven full clearing banks in South Africa and one of only 17 all-inclusive banking license entities in the country.

“we strive for a world free from hunger and malnutrition, where food and agriculture contribute to improving the living standards of all, especially the poorest, in an economically, socially and environmentally sustainable manner”.

- FAO vision

Leadership

In its role as the Bank Controlling Company for Grobank, GroCapital Holdings’ Board of Directors has overall responsibility for the bank, including approving and overseeing management’s implementation of the bank’s strategic objectives, governance framework and corporate culture.

THE GROCAPITAL HOLDINGS BOARD

Chris Venter

Chris Venter

Non-Executive Chairperson
Hercu Bloem

Hercu Bloem

Executive Director
Horatius Maluleka

Horatius Maluleka

Non-Executive Director

Corporate
Shareholding

GroCapital Holdings is owned by Fairfax Africa Investment (Pty) Ltd (35%), The Government Employees Pension Fund (35%) and AFGRI Holdings (30%).
FAIRFAX FINANCIAL HOLDINGS LIMITED
(Listed on the Toronto Stock Exchange)
FAIRFAX AFRICA HOLDINGS CORPORATION
(Listed on the Toronto Stock Exchange)
100%
100%
FAIRFAX AFRICA HOLDINGS
INVESTMENTS LIMITED
70.3%
JOSEPH
INVESTMENTS HOLDINGS
60%
GOVERNMENT EMPLOYEES
PENSION FUND
35%
15%
AFGRI HOLDINGS
PROPRIETARY LIMITED
30%
FAIRFAX AFRICA INVESTMENTS
PROPRIETARY LIMITED
35%
GROCAPITAL HOLDINGS

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