Lebashe Financial Services is increasing its stake in RainFin (Pty) Ltd., a South African lender previously backed by Barclays Plc, as part of the closely held company’s ambitions of building a black-owned bank.
Johannesburg-based Lebashe will boost its holdings in RainFin by 24 percent to 75 percent for an undisclosed sum, the company said in an emailed statement on Thursday. RainFin, the largest peer-to-peer lender in South Africa, bought back the 49 percent held by Barclays’s South African unit, with Lebashe acquiring its 51 percent stake in February last year.
