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Capitec Bank obtains all regulatory approvals for Mercantile Bank deal

South Africa-based Capitec Bank Holdings Ltd. said it obtained all regulatory approvals for its proposed acquisition of local peer Mercantile Bank Holdings Ltd. and that all contractual conditions for the deal have been satisfied.

Capitec Bank noted that the purchase price for Mercantile Bank will amount to 3.2 billion South African rand, adjusted for the change in the net asset value of the lender from April 30, 2018, to Aug. 31, 2019. The purchase price is payable by Nov. 6.

Capitec Bank added it will disclose the purchase price during October following a final review of Mercantile Bank's net asset value. The take-on balances and acquisition price allocation will be finalized in December.

As of Oct. 9, US$1 was equivalent to 15.20 South African rand.