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Budding Bank Adds to South African Deals Spree by Buying RainFin

  • Lebashe Financial Services to boost RainFin stake to 75%
  • Company is seeking to build black-owned bank ‘brick by brick’

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.