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National Empowerment Fund mulling offer to create black-owned bank

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Cape Town – National Empowerment Fund (NEF) CEO Philisiwe Mthethwa said the fund is considering an offer of R12.2bn for Mercantile Bank, which has recently announced it would be selling its South African bank.

“This is low hanging fruit that could be scaled up. It addresses the need of (establishing) black entrepreneurs,” Mthethwa said.

The NEF CEO was one of the stakeholders making submissions to Parliament during a second round of public hearings on transformation in the financial services sector.

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