Mercantile Bank not short of buyers

Mercantile Bank CEO Karl Kumbier says plenty of buyers have expressed interest in the bank.

According to Karl Kumbier, CEO of South Africa's Mercantile Bank, which focuses on entrepreneurs and SMEs, some 60 expressions of interest have been received from foreign and South African buyers keen to purchase the bank.

Mercantile is owned entirely by Caixa Geral de Depósitos (CGD), the largest bank in Portugal. The Portuguese government, which owns CGD, has agreed to the bank's sale. CGD is selling Mercantile as part of its recapitalisation process.

Kumbier is confident that the bank will have a new owner by June this year, and has said that the tender process will be very transparent.