The allegations made by US researcher Viceroy that Capitec Bank takes significant impairments to its loans is incorrect, the bank's CEO Gerrie Fourie said on Tuesday.
"They brought out a one-sided report which we believe a lot of things are factually, completely incorrect," he said in a briefing in Cape Town.
Fourie said that Viceroy had not been in contact with the bank ahead of releasing its results.
Viceroy said its research showed that Capitec "is a loan shark with massively understated defaults masquerading as a community microfinance provider" and said the South African Reserve Bank and Minister of Finance should immediately place the bank into curatorship.
Meanwhile, the South African National Civic Organisation (Sanco) on Tuesday said United State-based research group Viceroy's report into Capitec Bank was an attempt to downgrade SA’s financial and banking sector and to undermine an economy that is on the rebound post the African National Congress (ANC) conference which elected Cyril Ramaphosa as party president.
Shares in Capitec Bank tumbled as much as 20 percent after the announcement by Viceroy
- African News Agency (ANA
