Capitec Bank Get Final ‘Go Ahead’ to Aquire Mercantile
A little while ago, Capitec Bank announced that they had made a move to buy Mercantile Bank from its Portugues parent bank Caixa. Now the Minister of Finance and other regulators have given formal approval for the move.
This means that Capitec will indeed be taking on Mercantile, which they see as offering their clients a business solution – something that Capitec Bank Clients have been eager to see for some time now. Capitec has long had a strong savings and small loan client base but has only recently begun to delve into other aspects of banking such as a credit card offering and now business banking once this acquisition goes through.
Rather than automatically absorb the brand and fire all the old staff, the plan is to retain the branding and to progressively align it with the Capitec Business model, positioning it as Capitec’s Business Bank. In an industry where many face job losses, mercantile employees can give a sigh of relief as Capitec Bank will be retaining staff and are, in fact, hiring new staff.