BUSINESS BANKING
Mercantile to fast-track Capitec strategy
Mercantile has a strong offering in the business banking market
Capitec’s successful bid for Mercantile Bank will speed up its entry into the small and medium-sized enterprise (SME) business banking market. The Portuguese government announced on Thursday that Capitec was the successful bidder for its state-owned bank’s stake in Mercantile Bank. Mercantile has a strong offering in the business banking market, offering a full range of products and services. Capitec, the country’s largest bank by number of retail clients, has previously indicated it wanted to move into business banking. "If we had to build, it could take us anything from three to five years. Mercantile gets us in the market quicker and gives us the opportunity to learn and improve the offer over time," said Capitec CEO Gerrie Fourie. This move will further increase competition in the local market, which has already seen the likes of Tyme Bank, Bank Zero and Discovery Bank either launch or plan to launch offerings in the next few months. Mercantile Bank CEO Karl Kumbier thinks it wi...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.