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Pepkor Holdings is weighing plans to abandon a possible partnership with Investec Bank and instead launch a lender on its own, according to a person familiar with the matter.<\/p>\n
The retailer, Africa\u2019s largest seller of clothing and mobile phones, had considered teaming up with Investec to expand into financial services. It\u2019s now mulling a plan to roll out the venture independently, the person said, asking not to be identified because the process is ongoing. A final decision hasn\u2019t been made, and Pepkor is expected to update the market at an investor presentation in Cape Town as early as this month, the person said.<\/p>\n
Read: Pepkor seeks money chief as top Africa clothes seller plans bank<\/p>\n
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Pepkor declined to comment, while Investec said it was unable to discuss any talks that \u201cmay or may not have taken place.\u201d<\/p>\n
Cape Town-based Pepkor has already begun laying the groundwork. In a job posting dated March 11, it advertised for a banking chief to lead a \u201cfully integrated transactional-banking model\u201d across more than 2 500 PEP stores in South Africa. The executive will spearhead what the company described as a large-scale strategic initiative requiring an entrepreneurial approach and deep retail-banking expertise.<\/p>\n
Read: Pepkor CEO sells half a billion rand of shares<\/p>\n
Pepkor received regulatory approval last year to establish a banking unit and has acquired a financial-technology platform to support the expansion. In December, it appointed former Investec Bank Chief Executive Officer Richard Wainwright as an independent non-executive director. Pepkor\u2019s fintech revenue rose 31% to R16.6 billion ($992 million) in the year through September, accounting for 17% of total sales.<\/p>\n
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Read: Pepkor posts solid first-quarter growth, led by fintech and credit<\/p>\n
The move positions Pepkor alongside retailers such as Shoprite Holdings, which are leveraging loyalty-program data to expand into banking. About a sixth of South Africans remain unbanked or underserved.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Pepkor #rethinks #Investec #tieup #eyes #solo #bank #startup<\/p>\n","protected":false},"excerpt":{"rendered":"
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