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Capitec Appoints New CEO [Ventures Africa]
[January 27, 2014]

Capitec Appoints New CEO [Ventures Africa]

(Ventures Africa Via Acquire Media NewsEdge) VENTURES AFRICA – JSE-listed lowcost bank, Capitec, at the weekend said it had appointed Gerrie Fourie as new CEO.

Fourie fills the position left vacant by former CEO and bank founder, Riaan Staasen, who retired at the end of December last year.

Fourie has been Capitec COO for the past 13 years.

He said he wanted the more than 5 million clients of the bank to find great value in doing business with the bank.

Capitec has changed the face of banking in South Africa , stealing market share from the big four banks, Standard Bank, Absa, FirstRand and Nedbank.

The bank's entry into the lower end of the South African market prompted the other big banks to start prioritising this market segment too.

Capitec has launched 625 branches in South Africa in a very short space of time.

Some analysts believe that Capitec is now South Africa's fourth biggest bank with more than five million customers. It has taken this position from Nedbank.

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