Cape Town – Founding shareholders in the Mouton family may sell their stake in Capitec Bank due to changes in the legislation seek to increase the administrative burden of holding their over 30% stake in the country’s biggest bank by customer numbers.
PSG, which is owned by the family, said in a statement on Wednesday, it was “seriously considering” selling some or all of its stake in the bank.
The bank is PSG’s biggest investment and contributes majority of its earnings.
The legislative changes that have triggered this possible sale are included in the Reserve Bank’s Draft Financial Conglomerate Prudential Standards which proposed that financial conglomerates maintained a certain capital adequacy ration from January 2020.
Analyst at Avio Capital Markets, Harry Botha said he does not think that the exit or reduction in stake by PSG will mean much for Capitec’s operations.
