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Capitec Bank shortlisted to acquire Mercantile Bank

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Capitec Bank shortlisted to acquire Mercantile Bank

Capitec Bank Holdings Ltd. confirmed that it has made a nonbinding offer to acquire Mercantile Bank Holdings Ltd., the South Africa-based wholly owned unit of Caixa Geral de Depósitos SA.

Capitec Bank, Nedbank Group Ltd., a group of investors consisting of specialty finance company Bayport Financial Services Pty Ltd and African asset manager Public Investment Corp., and a rival consortium consisting of Grindrod Bank Ltd. and Arise (Pty) Ltd. are on the shortlist to acquire Mercantile Bank, which is being disposed of by its Portuguese parent as part of its strategic plan aimed at strengthening its capital level.

A total of 14 bidders were not selected for the transaction, according to the report.

Any proposed transaction is subject to approval from regulatory authority, Capitec Bank noted in a June 18 statement.