Ricochet News

Capitec is 'solvent, well-capitalised and has adequate liquidity': Reserve Bank

Jan 30, 2018
Capitec is 'solvent, well-capitalised and has adequate liquidity': Reserve Bank

The South African Reserve Bank (SARB) on Tuesday said that it has noted a report by a US-based fund manager, Viceroy Research Group, which likened local bank, Capitec, a loan shark.

"As part of our mandate, we monitor the safety and soundness of all banks, including Capitec Bank Limited (Capitec)," the bank said in brief statement.

"According to all the information available, Capitec is solvent, well-capitalised and has adequate liquidity.

"The bank meets all prudential requirements."

Viceroy Research called on the Finance Minister and the Reserve Bank to immediately place Capitec under curatorship calling the bank "loan shark with massively understated defaults - masquerading as a community finance provider".

It is Viceroy, which produced the report revealed the accounting fraud at Steinhoff last year and this time accused Capitec of preying on vulnerable and heavily indebted customers.

Viceroy's Capitec Report courtesy of Primedia Broadcasting via Scribd