African Bank Makes Third Purchase in a Year in IPO Preparation

African Bank Holdings Ltd.agreed to buy two units from a South African financial services company to bolster its lending business before a proposed initial share sale in 2025.

The lender acquired the commercial property and capital equipment financing businesses from Sasfin Holdings Ltd.’s units for 3.26 billion rand ($172 million), the company said in a filing on Friday.

The latest purchase is the bank’s third acquisition in little over a year. African Bank bought Grindrod Bank Ltd. for 1.5 billion rand and UBank Ltd. for 80 million rand last year in an attempt to rebuild its business and ...