Capitec, Nedbank and PIC on shortlist to buy Mercantile Bank

Mercantile Bank Holdings Ltd said on Monday that South Africa’s Capitec Bank, Nedbank Group and a consortium including the state pension fund had been shortlisted among its potential buyers.

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Mercantile said in a statement the Public Investment Corporation, Africa’s largest asset manager, is leading a consortium seeking to buy the lender, which is owned by CGD, a Portuguese state-owned banking group.

A total of 18 non-binding offers were received for Mercantile, which specialises in serving entrepreneurs, and the short-listed firms would conduct due diligence on the bank soon, the lender said.