Fears about Minister Dlodlo weren't unfounded. Six months into the job, she's been accused of issuing illegal interception orders, writes Adriaan Basson.
Capitec's acquisition of Mercantile Business Bank has been formally approved by Minister of Finance Tito Mboweni and other regulatory authorities.
The Portuguese Council of Ministers has approved the sale by Caixa Geral de Depósitos of its entire stake in Mercantile Bank to Capitec Bank.
The bank's CEO Karl Kumbier says about 60 SA and foreign companies have expressed interest in buying the bank from its Portuguese owners.
The businessman accused of colluding with Mercantile Bank in alleged illegal asset stripping worth hundreds of millions of rand says he will “vigorously defend this action”.
The National Empowerment Fund has not approached Mercantile Bank or its holding company to express interest in purchasing Mercantile Bank, it has announced.
Homix contravened rules by presenting false documentation to Mercantile Bank when it tried to send nearly R14.5m to an account in Hong Kong, the SARB has revealed.
Mercantile Bank is being sold by its parent company in Portugal, Caixa Geral de Depósitos.
Capitec says its acquisition of Mercantile Bank, which has recently been approved by the Competition Tribunal, will speed up its entry into business banking.
Capitec, Nedbank and the Pubic Investment Corporation are on the shortlist of four potential buyers to participate in the second phase of the sale process of Mercantile Bank.
The official process of the sale of Mercantile Bank by a Portuguese state-owned banking and financial services group, can now go ahead.
Mercantile Bank has been taken to court over allegations that it conspired in illegal asset stripping worth hundreds of millions of rand.
National Empowerment Fund CEO Philisiwe Mthethwa says the fund is considering an offer of R12.2bn for Mercantile Bank, which will be selling its South African bank.
Black investors seeking to gain market share in the banking industry have been given an opportunity to enter the market with the sale of Mercantile Bank.
Cape TownCA Financial AppointmentsR480 000.00 - R600 000.00 Per Year
Western CapeThe Building Company
Western CapeLiberty Financial Advisers
R 2 450 000
R 2 790 000
R 4 899 000
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