Capitec wants to raise R850 million

The bank is reputed to be the fastest-growing retail bank in South Africa. According to Business Report the group says that it will issue 4,6 million shares, equivalent to about 5% of its current stock, and the money will be used to expand the branch network and ensure that the bank has enough capital to meet the requirements of new banking regulations that are currently being drafted.

The bank has 490 branches throughout the country and plans to increase these to 510 by the end of the year. It appears the market did not like the announcement from Capitec and on shares in the bank fell by 4,21%.

For more:

• IOL: Capitec to issue new shares to raise capital, open branches

• Capitec Bank: Capitec