SA Reverse Bank mulls exit in African Bank as major shareholder

SOUTH AFRICA – In a move to exit its major shareholding in African Bank, the SA Reserve Bank (SARB) has issued the lender with a request for proposal to appoint a transaction advisor to assist with the future sale of its shareholding. African Bank’s other shareholders are FirstRand Bank, Standard Bank, Absa, Nedbank, Capitec, Investec and the Government Employees Pension Fund (GEPF). These shareholders support the Reserve Bank’s decision to appoint a transaction advisor and to commence a process to exit its shareholding. The Reserve bank acquired its 50 percent…

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Capitec Bank launches new banking software to ease customer services

SOUTH AFRICA – Capitec Bank, a financial service provider, has launched a new banking app that has been available since October 21, 2019. According to the bank, this new app is not an update of Capitect’s existing app but an entirely new app. The app has been designed with the convenience of Capitec Bank clients in mind and it is even easier to use than the current Capitec Bank app. The free download app comes at zero monthly subscription rates. In addition, MTN, Vodacom, Telkom Mobile and Cell C subscribers…

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South Africa’s Capitec profit jumps 20% on strong customer growth

SOUTH AFRICA – Capitec Bank, a South African lender Bank, reported profit for the first half of the year grew 20%, in line with expectations, thanks to strong customer growth and a smaller impairment charge. The performance outshone more muted growth at many rivals, who have struggled after the economy suffered its worst contraction in a decade and the unemployment rate hit an 11-year high after years of already stagnant growth.  “We’re fortunate to be growing, continuously hiring employees and not retrenching,” Capitec CEO Gerrie Fourie said in a statement.…

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