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African Rainbow Capital acquires TymeDigital

African Rainbow Capital Proprietary Ltd. acquired TymeDigital from Commonwealth Bank of Australia, BusinessDay reported Nov. 2.

ARC co-CEO Johan van Zyl said the lender has obtained all pending regulatory approvals and has "already paid for the acquisition." It will now "incrementally" extend its offering to Pick n Pay stores in South Africa.

ARC now owns 100% of TymeDigital, which will be renamed TymeBank.

Commonwealth Bank of Australia in August unveiled plans to sell Commonwealth Bank Of South Africa Ltd., also known as TymeDigital, to ARC for an undisclosed sum.

The Australian bank decided to exit South Africa as it continues to retreat from overseas and noncore markets in a bid to improve shareholder returns and regulatory compliance.