Buyer interest in Mercantile Bank heats up

Capitec, Nedbank and PIC have been shortlisted to buy Mercantile Bank, with the PIC leading a consortium.

As many as 18 non-binding offers have been received for Mercantile Bank, with Capitec Bank, Nedbank Group and a consortium including the state pension fund shortlisted as potential buyers.

Mercantile said in a statement that the Public Investment Corporation (PIC), 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.

The short-listed firms have yet to conduct their due diligence on the bank, though they will do so soon, according to Mercantile. 

Pictured: Karl Kumbier, CEO of Mercantile Bank