Capitec to Tap Small Firms to Sustain 127,428%, 30-Year Rally [BNN Bloomberg (Canada)]
STANDARD BANK GRP SP/ADR (SGBLY)
NASDAQ:AMEX Investor Relations:
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Source: BNN Bloomberg
The Stellenbosch, South Africa-based lender, which built the country's biggest bank by customer numbers by focusing on low-income depositors and unsecured lending in one of the world's most unequal nations, will seek to woo small businesses in the informal sector to expand further, Chief Executive Officer Gerrie Fourie said. “If I look at South Africa, we're not going to get unemployment down and get the economy growing via the government and private sector,” he said at a briefing on Tuesday. “It's the entrepreneurs that we need to support.” The stock jumped as much as 9%, the most in seven months, after reporting record profit that beat analysts' estimates. Capitec's shares have surged 1,277-fold since the company listed on Feb. 18, 2002, outpacing a six-fold advance in the benchmark FTSE/JSE Africa All Share Index. “I'm excited in what is lying ahead in the business banking space,” Fourie said. Capitec is still building the unit and “we are busy just making certain we can han
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