S.A’s Capitec Bank says media sensationalising Summit court case

The CEO of South Africa’s Capitec Bank, Gerrie Fourie, has spoken out on the ongoing court case that Summit Financial Partners has filed against the bank, saying the media is sensationalising the matter with incorrect facts.

Speaking at Capitec’s annual general meeting on Friday, Fourie said the bank was adhering to bank rating methodology by following the baseline credit assessment.

“70 per cent of our loans are well below what is subscribed… We have prepared ourselves for the case and handling it from there,” says Fourie.

Summit Financial Partners is taking on Capitec over its multi loan practices, which it claims amounts to reckless lending.

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Source: CNBC Africa