After I wrote critically about the pricing of African Bank’s deal to acquire two businesses out of Sasfin, the company contacted me to discuss the thinking behind the deal in more detail. I was highly impressed with the willingness to engage, especially as African Bank graciously recognised that Ghost Mail’s free-to-read format is only made possible by partners. The bank opted to sponsor a podcast appearance by African Bank CEO Kennedy Bungane, who has been in the banking industry for over two decades. As with everything I do, a paid appearance doesn’t impact the independence of my questions and the overall approach to the show. With the important disclosures now out of the way, I can give you a taste of what we discussed: The important history of African Bank, particularly in the South African context. An overview of what the bank does differently today vs. the previous chapter in African Bank’s life that ended in curatorship. Examples of how the bank is adding customers through partnerships, with an expanded product suite to service these customers. African Bank’s framework for successful acquisitions, ranging from strategic fit through to earnings accretion, execution difficulty, cultural fit and longevity. An overview of the Grindrod Bank and Ubank acquisitions. The client ecosystem strengthened through the Sasfin acquisitions and the synergies with the rest of the group. The extent of talent and systems acquired as part of these deals. The strategy of lowering the cost of equity to unlock more lucrative returns in these businesses. The branding strategy with these acquisitions. Of course, the proof of these acquisitions will be in the pudding. I’m grateful to be able to bring you this podcast that gives insights into how corporate M&A works and the type of thinking that goes into these transactions.