ANN CROTTY: Capitec shows its bankability
Clever move in close-knit investment community
Capitec’s request that it be given an opportunity to brief MPs about its business is a canny move by a market-savvy, youngish player in the banking arena. It’s easy to see why the company has sprung from nowhere to become one of SA’s top five banks, by customer numbers, in just 18 years. A morning in parliament before the standing committee on finance presents Capitec with an excellent opportunity to show the world what a top-notch, reliable, mainstream bank it is. And the key regulators invited to attend — the Reserve Bank, the Financial Services Board (FSB) and treasury — will play a useful supporting role in assuring us that everything is hunky-dory. These regulators have made known their irritation at upstart research group Viceroy’s attempts to trash Capitec’s reputation and have already publicly supported the bank. The FSB has even launched an investigation into Viceroy for potential market abuse and breaches of the Financial Markets Act. It’s unfortunate that the National Cre...
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