Capitec CEO Gerrie Fourie
Capitec CEO Gerrie Fourie

Capitec is back to normal - CEO Gerrie Fourie

By Staff Reporter Time of article published Feb 20, 2018

Share this article:

CAPE TOWN - Chief Executive Officer of Capitec Bank, Gerrie Fourie said that the bank is “back to normal” after being targeted by Viceroy, reports Fin24. 

There was however some apprehension from customers, following the damning Viceroy report which saw the bank shed up to 20% of its share price. Despite this, Capitec reportedly signed between 6 000 to 8 000 customers a day in February. 

The bank expects to increase their customer base to about 9.8 million by the end of the fiscal year this month. 

This is up from the 8.6 million customers they previously had. 

The bank who is regarded as an unsecured lender, went on to surpass the big four banks to became the country’s second-biggest retail bank. 

Capitec is reportedly preparing for an investigation by the Financial Services Board to hold Viceroy accountable for potential market abuse. 

READ ALSO: Capitec hits back at Viceroy report

Meanwhile, Business Report reported on February 16 that Capitec has lashed back at the Viceroy Research Group for its report, which said that the bank uses “curing” methods to hide the disastrous underlying performance of its loan book.

It said Viceroy’s new report was again filled with factual inaccuracies, misleading half-truths and sensationalist statements. 

“We again extend an open invitation to Viceroy to contact us and will be happy to clarify any questions about the industry and Capitec Bank.” Capitec said it had the backing of the various regulators and government institutions and have confirmed their support for Capitec since the release of the Viceroy Report.

ALSO READ: Capitec will ignore Viceroy's latest broadside

TOP STORY: EXCLUSIVE: Boycott Hogan Lovells - Peter Hain


Share this article: