TymeBank bulks up with Retail Capital to muscle into SME banking
The bank will buy all of Retail Capital, which will bring expertise in funding small business
TymeBank has struck a deal with Retail Capital shareholders to acquire 100% of the SME-focused funder in order to roll out a new business banking offering, a move that will pit it against rival offerings from SA’s traditional big four lenders, as well as Sasfin, Capitec and African Bank.
The deal, which is subject to regulatory approval by both the Prudential Authority and the Competition Commission, will combine TymeBank’s rapidly growing deposit base and extensive retail footprint with Retail Capital’s expertise in small business funding...
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