Capitec Bank enters business banking. Buys Portuguese bank Mercantile Bank

(Also, read: Capitec Bank is smoking all the other South African banks)

…We’ll in all probability change the name to Capitec Business Bank over time…

Andre du Plessis, Capitec Bank

The Portuguese Government on Thursday approved Capitec Bank’s purchase of Mercantile Bank.

Capitec Bank’s acquisition of Mercantile Bank is a move by the Stellenbosch-based company to enter business banking.

Capitec Bank is the third best bank in the world and the best one in South Africa by far, according to the latest Lafferty global rankings.

Mercantile has been ranked number one for service for Business and Commercial Banking for four years in a row.

The transaction is still subject to authorisation by South African regulators.

The Money Show’s Bruce Whitfield interviewed Andre du Plessis, Capitec Bank Chief Financial Officer.

Listen to the interview in the audio below (and/or scroll down for more quotes from it).

What Mercantile brought is the opportunity to bring the strategy forward [of a bigger play in business banking]… We want to scale the business…

Andre du Plessis, Capitec Bank

The logical thing for us was to expand the service to small and medium-sized enterprises… We have not been able to give them a full banking platform, and that’s what we aim to do…

Andre du Plessis, Capitec Bank

We have a lot of capital… We will still have to talk the Reserve Bank and other regulators as to what the capital requirements of the business bank should be…

Andre du Plessis, Capitec Bank

We plan to run the two operations separately… We don’t intend to rationalise any jobs…

Andre du Plessis, Capitec Bank

Enjoy The Money Show, but miss it sometimes?

Get the best bits emailed to you daily, right after it ends:

Subscribe to our Business Wrap Newsletter


This article first appeared on 702 : Capitec Bank enters business banking. Buys Portuguese bank Mercantile Bank


Recommended

by NEWSROOM AI
Read More
[LISTEN] 10X  defends its cheeky investment ad

[LISTEN] 10X defends its cheeky investment ad

The Advertising Regulatory Board (ARB) has ordered the investment group to withdraw an ad that "disparages" its competitors.

Tourism Business Council working with ministry to tackle tourist safety

Tourism Business Council working with ministry to tackle tourist safety

CEO at the Tourism Business Council of SA Tshifhiwa Tshivhengwa says they are looking to find a lasting solution.

Meet braai master Justin Bonello, a great South African with a heart of gold

Meet braai master Justin Bonello, a great South African with a heart of gold

Justin Bonello (of the show "Cooked") is the founder of Neighbourhood Farm. It employs unskilled community members to farm.

Discovery Bank takes on Capitec Bank, TymeDigital (Patrice Motsepe), Bank Zero

Discovery Bank takes on Capitec Bank, TymeDigital (Patrice Motsepe), Bank Zero

South Africa has a brand-new bank! The Money Show’s Bruce Whitfield interviews Adrian Gore, Discovery Group CEO.

South Africa gets a brand-new bank, ‘Bank Zero’

South Africa gets a brand-new bank, ‘Bank Zero’

The Money Show’s Bruce Whitfield interviews Michael Jordaan, co-founder and Chairperson at Bank Zero.

Capitec Bank is smoking all the other South African banks

Capitec Bank is smoking all the other South African banks

Capitec Bank is South Africa’s largest bank by the number of customers, according to the BRC Products and Brands Module survey.

Popular articles
@catcallsofcapetown: 'They tell stories they've never told anyone before'

@catcallsofcapetown: 'They tell stories they've never told anyone before'

Lead SA: Gadeeja Abbas expands on the campaign, which reaches out to anyone who has experienced gender-based violence.

'Aarto bill there to create revenue, not to promote road safety'

'Aarto bill there to create revenue, not to promote road safety'

Rudie Heyneke outlines Outa's objections to the traffic demerit system signed into law this week.

Ramaphosa seems to be clueless now - Sikonathi Mantshantsha

Ramaphosa seems to be clueless now - Sikonathi Mantshantsha

Daily Maverick's Mantshantsha says the country has been waiting a long time for the economy to be turned around.

Clamp down on unregistered 'security guards' near Woodstock's Old Biscuit Mill

Clamp down on unregistered 'security guards' near Woodstock's Old Biscuit Mill

Joint law enforcement operation after visitors in Cape Town complained of being coerced into paying R50 to park on the street.

[WATCH] 'I'm not trying to justify what she did,' Zephany Nurse in her own words

[WATCH] 'I'm not trying to justify what she did,' Zephany Nurse in her own words

Stolen from her mother's bedside as a newborn 22 years ago, Zephany or Miché Solomon as she is now known, tells her story.

SA announces visa waivers for four counties

SA announces visa waivers for four counties

Home Affairs Minister Aaron Motsoaledi says Qatar has also relaxed entry requirements for SA citizens.

Be prepared: CoCT is conducting site-inspections of wellpoints and boreholes

Be prepared: CoCT is conducting site-inspections of wellpoints and boreholes

Mayco Member for Water and Waste Services at City Of Cape TownXanthea Limberg explains.

3 emergency numbers you should have on speed dial and how they work

3 emergency numbers you should have on speed dial and how they work

These are the emergency numbers you should have on your cellphone and this is what you must understand about how they work.