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Capitec Bank appoints new executives

Apr 07 2017 12:24

Cape Town - Capitec Bank [JSE:CPI] has appointed two independent non-executive directors, it announced in a JSE SENS report on Friday.

Lindiwe Angela Dlamini and Kabelo Makwane have been appointed to the boards of Capitec and Capitec Bank with effect from 6 April 2017.

Dlamini holds a BA LLB, LLM (Tax) degree and is the group executive of human resources at PPS. Previously she was the managing director of retail at Alexander Forbes Group Holdings and group executive of emerging consumer markets at Liberty Holdings.

She gained extensive experience in various legal and risk management roles as well as in operations and customer services at Liberty Group.

Makwane holds a B.Comm degree and is the managing director of Technology Accenture South Africa. Previously he was the managing director of Microsoft in Nigeria, which he successfully developed into a stand-alone subsidiary of Microsoft Corporation.

He gained extensive experience in information technology and sales during his career at Storgate Africa, Datacentrix, Unisys, Cisco Systems and Microsoft in South Africa.

The share price of Capitec was down 1.45% at R709.55 at 12:16 on Friday.

Last month Capitec clinched its first deal with a foreign fintech firm after looking abroad for digital banking breakthroughs.

Capitec will purchase a 40% stake in Creamfinance for €21m. The investment will be done in three tranches at nine-month intervals, subject to certain performance measures being met.

Part of the deal will see Capitec initially having the right to nominate one director on the board of Creamfinance. This position will be held by Capitec CFO André du Plessis. This will be increased to two after the second investment tranche, which position will be filled by Capitec CEO Gerrie Fourie.

Capitec's financial results for the year to 28 February 2017 showed that earnings per share grew by 17.7% to 3281 cents. Growth slowed from 19.4% in the first half to 16.4% in the second half.

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