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Capitec Bank

Capitec Bank is a South African retail bank established in 2001. Michiel le Roux was its founding chief executive, while Riaan Stassen led the bank through much of its early growth.

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Capitec Bank is a South African retail bank established in 2001. Company records identify Michiel le Roux as its early chief executive and show Riaan Stassen as the executive who subsequently shaped the bank through a long period of expansion. [1][2]

History

Capitec emerged from a group of financial-services businesses assembled around the turn of the century and began operating as a bank in 2001. Its own 2008 annual report describes Jannie Mouton and PSG as early backers and refers to the bank as having been founded in 2001. [1]

Le Roux served as chief executive until 2004. Stassen then became the defining executive of the next phase: Capitec later described him as the man who created the bank “as we know it today”, while a twentieth-anniversary account records the operating changes made under his leadership. [3][4]

Capitec Bank Limited is the operating bank within Capitec Limited. The CPI listing belongs to the parent. [7][8]

Mercantile’s banking business transferred into Capitec Bank and became the group’s business-banking division. [10][6]

Frequently asked questions

Is Capitec Bank the listed CPI security?

No. Capitec Limited is the listed parent, while Capitec Bank Limited is the operating bank. [8]

Who leads Capitec?

Graham Lee became group chief executive on 19 July 2025. [9]

When did the bank open?

Capitec opened on 1 March 2001. [5]

Key milestones

  1. Capitec Bank was founded and began its first year as a bank. [1]

  2. Michiel le Roux ended his term as chief executive; Riaan Stassen led the bank thereafter. [2][3]

  3. Capitec tested a mobile-bank concept as part of its effort to widen access. [4]

Founded / co-founded by

  • Michiel le Roux — South African banker who served as Capitec Bank’s founding chief executive and later as chairman.

Company builders

  • Riaan Stassen — South African banker who led Capitec Bank through much of its early expansion after its establishment in 2001.
  • Gerrie Fourie — South African banker who served as Capitec group chief executive from January 2014 to July 2025.
  • Graham Lee — South African banker who became Capitec group chief executive on 19 July 2025.

Related people

Related articles

Related institutions

  • Capitec Limited — JSE and A2X-listed parent of Capitec Bank, formerly named Capitec Bank Holdings Limited.
  • PSG Group — South African investment group co-founded by Jannie Mouton that supplied early capital and strategic support to Capitec.
  • Mercantile Bank — Former South African business bank acquired by Capitec in 2019 and integrated into Capitec Bank as its business-banking operation.

Sources

  1. Capitec Bank Holdings, Annual Report 2008, 2008-02-29. Original source. Accessed 2026-09-25. ↩
  2. Capitec Bank Holdings, Integrated Annual Report 2019, 2019-02-28. Original source. Accessed 2026-09-25. ↩
  3. Capitec Bank Holdings, Integrated Annual Report 2010, 2010-02-28. Original source. Accessed 2026-09-25. ↩
  4. Capitec Bank, From 25 000 to 15 million clients: 20 years of Capitec Bank, 2021-03-01. Original source. Accessed 2026-09-25. ↩
  5. Capitec Bank, About Capitec. Original source. Accessed 2026-10-29. ↩
  6. Capitec Bank Holdings, Annual financial results 2024, 2024-02-29. Original source. Accessed 2026-10-29. ↩
  7. Capitec Bank Holdings, Integrated annual report 2026, 2026-02-28. Original source. Accessed 2026-10-29. ↩
  8. Capitec Limited, Unaudited interim financial statements 2027, 2026-08-31. Original source. Accessed 2026-10-29. ↩
  9. Capitec Bank, Gerrie Fourie to retire in July 2025, 2025-03-12. Original source. Accessed 2026-10-29. ↩
  10. Capitec Bank Holdings, Programme memorandum 2021, 2021-04-30. Original source. Accessed 2026-10-29. ↩