TymeBank, which is majority owned by Patrice Motsepe’s African Rainbow Capital, announced the deal in August, but it had to get regulatory approval. Picture: Reuters
The Competition Tribunal said yesterday it had unconditionally approved TymeBank’s acquisition of fintech SME funder, Retail Capital, as it bolsters its business banking offering.
TymeBank, which is majority owned by Patrice Motsepe’s African Rainbow Capital, announced the deal in August.
At the time the firms said Retail Capital would become a division of TymeBank and help build the bank’s business banking offering.
TymeBank Holdings offers customers personal and business transactions, savings accounts and value-added services comprising credit card, prepaid and health insurance services as well as funeral cover.
Retail Capital is a fintech company that provides alternative non-traditional funding (unsecured lending) to small and medium enterprises as well as asset financing.
The Competition Commission recommended earlier this month that the Competition Tribunal approve the proposed transaction without conditions.
“The Commission found that the proposed transaction is unlikely to result in a substantial prevention or lessening of competition in any relevant markets. The Commission further found that the proposed transaction does not raise any public interest concerns,” it said.
BUSINESS REPORT
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