In a move that will allow TymeBank to extend its offering at home and start cross-border expansion, Patrice Motsepe’s bank has raised R1.6bn in a capital raising that ties him up with one of the biggest conglomerates in the Philippines.

Under the deal, announced on Tuesday, African Rainbow Capital Investments, an investment outfit controlled by Motsepe, will dilute its stake in TymeBank’s holding company from 80% to 60%, allowing the Philippines’s JG Summit Holdings conglomerate to take a 5.13% stake...

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