Mercantile Bank to be sold?

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Mercantile-Bank

Cape Town – Mercantile Bank is being sold by its parent company in Portugal, Caixa Geral de Depósitos.

Mercantile Bank, which was founded in South Africa in 1965 and focuses on small and medium sized businesses, said in a statement on Sunday that it is aware of the intention by Caixa Geral de Depósitos to put the bank up for sale.

“Caixa Geral de Depósitos is owned by the Portuguese government and will, as a result, have to follow a very strict and transparent sale process in Portugal and, locally, in South Africa.”

“While the planned sale would represent the end of a long-held relationship with our parent company, Caixa Geral de Depósitos, we believe it will open the door for new and exciting opportunities. We still have a very strong segment focus on the Portuguese community and this will not change,” Mercantile told stakeholders in a letter.

The Mercantile board of directors said it is confident that the bank will find the right partner to assist it in continuing its growth journey.

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