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Capitec Bank on Wednesday overtook Standard Bank for the first time to become SA’s second-biggest bank by market value, a milestone that underlines investor backing for its no-frills business model to challenge entrenched players in financial services.

Founded in 2001 by investment holding company PSG and listed on the JSE in 2002, Capitec had humble beginnings in the banking space, which for years was dominated by Standard Bank, Absa, FirstRand’s FNB and Nedbank...

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