Mercantile Bank Acquisition
We are pleased to announce that the Minister of Finance and other Regulatory Authorities have formally approved Capitec’s purchase and acquisition of Mercantile Business Bank.
Capitec Bank Holdings Limited (Capitec or the group) is listed on the JSE. It owns the operating subsidiary Capitec Bank Limited (Capitec Bank) that acquired Mercantile Bank Holdings Limited (Mercantile) on 7 November 2019. Capitec Bank is the largest digital bank and the largest bank by active banking clients in South Africa. We focus on essential banking services and provide value for money, innovative transaction, saving, insurance, and unsecured lending products to individuals. Through Mercantile we provide transaction, savings, and unsecured lending products to small businesses.
Capitec simplifies banking. We aim to improve our clients’ financial lives. We place unwavering focus on our fundamentals and work towards influencing our clients’ financial behavior positively. The future of banking in South Africa is dynamic and exciting. In our endeavor to put the client first, we are constantly diversifying and expanding our business. Based on the same fundamentals that made us successful in the retail banking sector, we have a new opportunity to offer a digitally-led, business banking solution for small to medium enterprises and entrepreneurs.