Pepkor Plans New Bank Launch by 2027

Pepkor Holdings Ltd., a major retailer in Africa, is actively preparing to launch its own independent bank. The company has appointed Merwe Scholtz to lead this new banking initiative, signaling a serious commitment to entering the financial services sector. The independent lender is expected to begin operations starting next year, with a full rollout anticipated by 2027. This move represents a significant diversification for Pepkor, which is currently known as the continent's largest seller of clothing and mobile phones, aiming to establish a new revenue stream and expand its business portfolio.