Capitec Bank completed the acquisition of an additional 57.03% stake in AvaFin for €26.3m.

Capitec Bank, a South African retail bank, completed the acquisition of an additional 57.03% stake in AvaFin, a fintech company, for €26.3m. “Acquiring a controlling stake in Avafin is a strategic opportunity to diversify our income sources and build on our experience in foreign markets. Our internationalisation approach is measured and controlled. Rather than acquiring large businesses or pursuing new banking licenses, which can be costly and time-consuming, we have identified Avafin as an ideal partner – a small, agile credit business with exposure to multiple markets, strong credit principles, and a high-potential management team,” Gerrie Fourie, Capitec Bank Chief Executive Officer.