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Cape Town - Nedbank Group [JSE:NED] is not bothered that Capitec Bank Holdings [JSE:CPI] is the fourth-biggest bank in terms of the market share of transactional accounts, said Nedbank CEO Mike Brown in an exclusive interview published on BDLive.
Boosted by 43% year-on-year growth among main bank clients, Capitec ousted Nedbank as the country's fourth-biggest bank by market share, according to the All Media Products Survey (AMPS) figures released in May.
It showed an increase in Capitec’s market share from 7.9% to 10.8% between January and December 2012.
Nedbank had a market share of 10.7%, down from 11% in 2011. Although it fell from 34.9% to 32.9%, Absa still holds the biggest chunk of the market.
"Capitec might be growing far faster, but its market capitalisation is still less than a third of Nedbank’s.
"Brown’s bank could swallow Capitec and still not feel full," the agency reported.
Finweek editor Marc Ashton disputed AMPS data after it was released. He said while Capitec is a fantastic success story, it is nowhere near South Africa’s fourth largest retail banking operation.
Capitec’s Charl Nel responded to this statement at the time. “AMPS figures are what they are and as the most credible research in SA, we are extremely pleased with the outcome of the latest AMPS figures. We have worked and continue to work hard to improve on this.”
- Fin24
Boosted by 43% year-on-year growth among main bank clients, Capitec ousted Nedbank as the country's fourth-biggest bank by market share, according to the All Media Products Survey (AMPS) figures released in May.
It showed an increase in Capitec’s market share from 7.9% to 10.8% between January and December 2012.
Nedbank had a market share of 10.7%, down from 11% in 2011. Although it fell from 34.9% to 32.9%, Absa still holds the biggest chunk of the market.
"Capitec might be growing far faster, but its market capitalisation is still less than a third of Nedbank’s.
"Brown’s bank could swallow Capitec and still not feel full," the agency reported.
Finweek editor Marc Ashton disputed AMPS data after it was released. He said while Capitec is a fantastic success story, it is nowhere near South Africa’s fourth largest retail banking operation.
Capitec’s Charl Nel responded to this statement at the time. “AMPS figures are what they are and as the most credible research in SA, we are extremely pleased with the outcome of the latest AMPS figures. We have worked and continue to work hard to improve on this.”
- Fin24
