Pepkor Holdings is weighing plans to abandon a possible partnership with Investec Bank and instead launch a lender on its own, according to a person familiar with the matter.
The retailer, Africa’s largest seller of clothing and mobile phones, had considered teaming up with Investec to expand into financial services.
It’s now mulling a plan to roll out the venture independently, the person said, asking not to be identified because the process is ongoing.
A final decision hasn’t been made, and Pepkor is expected to update the market at an investor presentation in Cape Town as early as this month, the person said.
Pepkor declined to comment, while Investec said it was unable to discuss any talks that “may or may not have taken place.”
Cape Town-based Pepkor has already begun laying the groundwork.
In a job posting dated March 11, it advertised for a banking chief to lead a
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