Co-founder of Capitec Bank, Riaan Stassen, announces his retirement

Co-founder of Capitec Bank, Riaan Stassen, announces his retirement

- Capitec co-founder Riaan Stassen has said that he will be stepping down

- Stassen is said to have played a crucial role in the bank's expansion

- Additionally, Capitec's current CEO expressed confidence in the company's future

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Riaan Stassen, the co-founder of Capitec Bank, has decided to retire.

He will no longer be involved in the running of the company but will remain a major shareholder.

Stassen served as CEO from 2001 to 2013 and then non-executive chair from 2016 until 31 May this year.

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Stassen oversaw Capitec's expansion in the early 2001s to become South Africa's fourth-largest bank.

The company began as a micro-lender and had a significant influence on reshaping banking in the country. Since then, its customer base has grown to 12 million and the price of its shares has increased from R2 in 2002 to over R1 300 as of May 2018, according to Business Live. 

Consequently, Capitec's current CEO, Gerrie Fourie, has expressed optimism about the bank's future. In particular, he said that he believed the current political situation under President Cyril Ramaphosa was more conducive to business than the Zuma years had been. 

However, Fourie acknowledged that the country still faced significant challenges and predicted that economic growth would remain slow for at least the next two years.

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Nevertheless, he did welcome certain developments, such as the Zondo Commission.

Fourie said this and other commissions of inquiry would play a role in "healing SA and making clear state capture is not acceptable", has gathered.

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