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TymeBank takes on big rivals with new business offering

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The bank will buy all of Retail Capital, which will bring expertise in funding small business

TymeBank has struck a deal with Retail Capital shareholders to acquire 100% of the SME-focused funder in order to roll out a new business banking offering, a move that will pit it against rival offerings from SA’s traditional big four lenders, as well as Sasfin, Capitec and African Bank.

The deal, which is subject to regulatory approval by both the Prudential Authority and Competition Commission, will combine TymeBank’s rapidly growing deposit base and extensive retail footprint with the SME funding expertise of Retail Capital. TymeBank’s business banking offering, which is essentially a transactional business account aimed at SMEs, has more than 100,000 customers...

 

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