The Competition Commission has recommended to the Competition Tribunal that a proposed merger – which will see Capitec acquiring Mercantile Bank Holdings Limited – should be approved without conditions.
The Commission found that the proposed transaction was unlikely to result in a substantial prevention or lessening of competition in the relevant markets.
It
further found that the proposed transaction did not raise any public interest
concerns, it said in a statement on Friday.
The Portuguese Council of Ministers in November announced its approval of the sale by Caixa Geral de Depósitos (CGD) of its entire stake in Mercantile Bank to Capitec, Fin24 previously reported.
CGD, which owned 100% of Mercantile, sold the bank as part of a strategic recapitalisation plan approved by the European Commission, requiring CGD to reduce its foreign assets.