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Capitec CEO Says Business ‘Back to Normal' After Viceroy Target

  • Short seller accused South African lender of concealing losses
  • Bank signing on as many as 8,000 customers a day in February
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Business at Capitec Bank Holdings Ltd. is “back to normal,” Chief Executive Officer Gerrie Fourie said, weeks after it became the target of the short seller who contributed to the scandal surrounding Steinhoff International Holdings NV.

Despite some initial uncertainty and customer withdrawals, Capitec is signing 6,000 to 8,000 customers a day in February. It expects to have about 9.8 million by the end of its fiscal year this month, up from 8.6 million a year earlier. While the bank’s shares have pared losses since a Jan. 30 report by Viceroy Research accused it of concealing loan losses and underestimating bad debts, they’re still down 10 percent from the day before the report.