Capitec’s share price is trading near an all-time high of R1,521, giving the bank a market capitalisation of R175bn. That makes it the third-biggest banking group in SA, behind second-placed Standard Bank with a market value of R189.83bn and FirstRand at R284.06bn.       

As a cynical newshound, one has to question whether a bank whose loan book is almost entirely unsecured and whose customer base is mostly lower- to middle-income is worth 62% of FirstRand, a truly blue-chip, diversified financial services group with underlying assets that include FNB, Rand Merchant Bank, WesBank, Ashburton Investments and others...

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