ON THE SPOT
Finbond boss talks short-term loans, the key US market and branching out in SA
Business Day asks chief operating officer Carel van Heerden why Finbond wants to convert its mutual banking licence to a commercial banking licence
It’s not exactly a household name but it may become one: Mutual bank Finbond was named the Sunday Times Top 100 company this week, due in the main to a share price rally that has taken it from 25c five years ago to its current level of 335c – a gain of 1,240%. However, much of that gain was made in the first year after the microlender was awarded its mutual bank licence, and its recent plan to acquire a full commercial banking licence will pit it against the likes of new entrants Thyme and Discovery, as well as the resuscitated African Bank and business banker Sasfin. Business Day asked chief operating officer Carel van Heerden why Finbond wanted to convert its mutual banking licence to a commercial banking licence. Our business model and product ranges are more akin to that of a commercial bank than a mutual bank. It will thus make sense for us to convert. How successful has Finbond been in making itself more of a household brand? [We feel] we have been very successful in making Fi...
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