Private equity firm Apis Partners and a Phillipines-based family-owned conglomerate JG Summit, have bought 20% of TymeBank, SA’s largest digital-only bank, controlled by African Rainbow Capital (ARC), for R1.6bn.

It’s a transaction that values TymeBank at R8bn — which isn’t bad going for a bank that launched just two years ago and now has 3-million customers. As part of the deal, TymeBank will establish a new bank in the Philippines in a joint venture with JG Summit...

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