Capitec Bank co-founder and chair Riaan Stassen, who played a significant role in shaking up SA’s banking industry, will retire from the financial services group at the end of May. Capitec, whose plans to disrupt the banking industry were met with some suspicion when it launched in 2001, has become a sector heavyweight partly by making financial services more accessible. At last count, Capitec had 11.4-million clients — more than Nedbank. The lender is catching up with Absa, Standard Bank and FNB. In late March, Capitec said its headline earnings in the year ended February 2019 rose 19% to R5.3bn, a better growth rate than any of its main rivals. “Riaan played an integral role in the establishment and success of the bank from 2001 to 2013, when he retired as CEO of Capitec and Capitec Bank,” the group said on Thursday. Stassen has served as non-executive chair of the boards since 2016. At the end of February, he owned 0.67% of Capitec, according to the group’s annual report. Thanks ...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now