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CAPITEC BANK HOLDINGS LIMITED - Conclusion Of The Transfer Of The Assets And Liabilities Of Mercantile Bank Limited (Mercantile) To Capitec Bank

Release Date: 01/12/2020 13:25
Code(s): CPI CPIP CBL28 CBL29 CBL26     PDF:  
Wrap Text
Conclusion Of The Transfer Of The Assets And Liabilities Of Mercantile Bank Limited (“Mercantile”) To Capitec Bank

Capitec Bank Holdings Limited
Registration number 1999/025903/06
Registered bank controlling company
Incorporated in the Republic of South Africa
JSE ordinary share code: CPI ISIN code: ZAE000035861
JSE preference share code: CPIP ISIN code: ZAE000083838
("Capitec" or "the company")

Company Code: BICAP
Stock Code: CBL26
ISIN Code: ZAG000136128
Stock Code: CBL28
ISIN Code: ZAG000151333
Stock Code: CBL29
ISIN Code: ZAG000158874
 (“Capitec Bank” or “the bank”)


Shareholders and investors are referred to announcements on SENS in
2019, the last of which was dated 7 November 2019, informing the market
of the acquisition of Mercantile, a business bank that focusses on
established small- to medium-sized enterprises and entrepreneurs.

The Boards of Capitec and Capitec Bank are pleased to advise that the
assets and liabilities of Mercantile have been transferred to Capitec
Bank in terms of section 54 of the Banks Act no 94 of 1990 (“the
Integration”), effective today. The effect of the Integration is that
the business of Mercantile is incorporated into Capitec Bank to form the
bank’s new business banking division. It will therefore no longer
operate as a separate company. Mercantile’s banking license will be
cancelled by the Prudential Authority today and in due course an
application will be made to the Companies and Intellectual Properties
Commission to deregister Mercantile.

The Integration does not affect Capitec as Capitec Bank, now comprising
a retail bank division and a business bank division, is consolidated at
group level. Previously, the Capitec Bank group, including Mercantile as
a subsidiary, was consolidated at Capitec group level.

The business bank division will continue to operate under Mercantile’s
branding as a division of Capitec Bank for the interim. The bank is
developing an improved technology-driven offer to business clients based
on its founding corner stones of simplicity, affordability,
accessibility and personal service. The business bank division will be
rebranded to Capitec Business once the improved offer is launched.

1 December 2020

JSE Equity and Debt Sponsor PSG Capital

Date: 01-12-2020 01:25:00
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