Africana, one of the country’s biggest banks, has closed its African Bank branch in Johannesburg after it faced a massive legal challenge, The Associated Press reported.
The bank has been hit with a complaint that it violated the state’s antitrust laws by charging customers a higher interest rate than they were willing to pay.
Africano, which was founded in 1857, was a pioneer in providing credit to African farmers, who had been left behind by their white owners.
It is one of South Africa’s largest banks.
It closed the branch and said it would close another branch in the capital.
The move comes just weeks after Afriaco said it planned to reduce its workforce by more than 30% by 2020, citing a shrinking economy.