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Johannesburg - Automotive conglomerate Imperial Holdings has identified tourism as a key area for future growth.
The company expects an upsurge in foreign tourists attending the Confederations Cup and the Fifa 2010 Football World Cup to create opportunities for Europcar, the group's car rental business unit.
"We are taking the long-term view on tourism," said Imperial Holdings CEO Hubert Brody.
Imperial is in the process of rebranding its car rental division to Europcar, the continent's biggest car rental company, with the aim of capturing a foreign tourist market already familiar with the brand.
Imperial is to spend about R100m over the next three years on the rebranding.
The company is also in talks to sell its 49.9% holding in Imperial Bank to Nedbank, which owns the remaining 50.1%. Once the sale is complete, Imperial will have a joint venture partnership with Imperial Bank.
"We will keep an economic interest in Imperial Bank and you don't need to be a shareholder to do that," said Brody.
He added that the Imperial Bank business is too capital intensive. "We are a cash generative business and we don't see banks being cash generative in the near future."
- Fin24.com