COMMERCIAL BANKING
Capitec, Nedbank and PIC in the running for Mercantile
Capitec, Nedbank and the Public Investment Corporation (PIC) are among local contenders that may pay up to R5bn for Mercantile Bank. The Portuguese government announced on Friday that it had approved a shortlist of four potential buyers to participate in the second phase of the bank’s sale by state-owned banking group Caixa Geral de Depósitos. The sale is a condition of a European Central Bank loan that required Caixa to reduce its foreign assets. It serves more than 12,000 entrepreneurs in SA. It offers another opportunity for a new commercial bank in SA. There are two mutual banks — Bank Zero and YWBN — seeking licences. The PIC has teamed up with Bayport Financial Services, a provider of personal loans and funeral insurance, to table an offer for Mercantile. In the running Also in the running is a consortium comprising business bank Grindrod and Arise, an investment company backed by Norwegian investment fund Norfund; Dutch development bank FMO; and Rabobank, a Dutch co-operative...
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