Land Bank appoints RMB Bank as its financial advisor after loan default

SOUTH AFRICA – Land and Agricultural Development Bank of South Africa (Land Bank), the biggest lender to farmers, has appointed Rand Merchant Bank (RMB) as financial advisor after it missed a loan repayment that triggered a cross default on a R50 billion (US$2.7-billion) bond programme.  According to sources familiar with the matter, the Johannesburg-based investment bank has been tasked with coming up with cash-flow projections for the Land and Agricultural Development Bank. RMB, a unit of FirstRand, Africa’s largest lender by market value, must also deliver a strategic plan for the state-owned…

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