Capitec questions motive, timing of Viceroy report

Customers queue to draw money from an ATM outside a branch of South Africa's Capitec Bank in Cape Town, South Africa.
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Capitec Bank CEO Gerrie Fourie has accused Viceroy Research Group of being driven by profit motives in what the bank calls a one-sided and factually incorrect report.

Fourie has questioned the motive and timing of the Viceroy report.

Viceroy released the report on Tuesday.

It labels Capitec Bank a loan shark which Finance Minister Malusi Gigaba must immediately place under curatorship.

The Bank has also assured its nearly nine-million clients that they need not panic following the Viceroy Research Group’s report.

Fourie says they’ve been receiving lots of enquiries from their clients.

“We have calculated our deposits during the day, it was business as normal, we just had a lot of people enquiring, asking questions, and I think the statement that we spend a lot of time  communicating with our branch personnel, informing branch personnel what is happening, the reply we get from Bloomberg this morning to our staff, we also sent smses to our depositors, so that they’re fully aware what’s happening . So far we’re quite relaxed.”