South African billionaire Michiel Le Roux.
Michiel Le Roux is a South African entrepreneur and founder of Capitec Bank in which he owns about 11 percent stake.
Founded in 2001 the bank is listed and trades on the Johannesburg Stock Exchange. Capitec bank targets South Africa’s emerging middle class and is thus far one of Africa’s most successful banks.
Le Roux has served as the bank’s board chairman from 2007 to 2016 and now continues to be a board member and is renowned to be one of SA’s billionaires.
He is a seasoned banker and financial enthusiast having previously run the Boland Bank, a regional bank in Cape Town.
The Bank is now one of the most notable financial institutions in the country and according to the Solidarity Research Institute report of 2015, Capitec Bank is described as the cheapest bank in South Africa.
A good description of a targeted financial institution that aims to reach the underprivileged in a country that is flourishing of a growing middle class.
The accolades do not stop there, according to the Lafferty Group’s 2017 Global Banking Quality Benchmarking Study, Capitec is again described with honor.
The Lafferty Group’s rating is based on a bank’s business model, strategy, culture, and management, and in all these arenas, Le Roux’s Capitec Bank tops the list.
The report ranks 100 major quoted banks across 32 countries based on their longer-term sustainability. In fact, Capitec Bank is granted Lafferty Group’s highest five ratings.
net worth of $1.3 billion
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According to the Forbes report of January 2020, the director of South Africa-based Capitec Bank, Michiel Le Roux has an estimated net worth of $1.3 billion, making him among the world’s richest men.
Capitec Bank is ‘the best bank because it has very high financial ratios, well developed qualitative criteria, and also concentrates on serving its customers’ needs,’ reads the report in part.
Capitec was established in 1997 through the acquisition of small scale lending businesses such as Smartfin and FinAid by the founding entity, PSG, an autonomous financial services group. It became legal in 2001 following its registration.
So revered is he in the banking industry that in honor of his evolutionary renewal of the banking industry in South Africa, the University of Stellenbosch gave him an honorary doctorate degree of Commerce (DComm) back in 2015.
The South African billionaire did not build his empire solely in the banking sector, he worked with Distillers Corp for a considerable spell before he ventured into the banking enterprise.
Starting a business in good times is always very dangerous because you will think business is easy when the wind is blowing from behind and the sailing is smooth. When you start with the wind blowing from ahead, then you know business is tough and you grow – Le Roux.
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FAQs
Who is Michiel le Roux?
Michiel Le Roux is a South African entrepreneur and founder of Capitec Bank in which he owns about 11 percent stake. Founded in 2001 the bank is listed and trades on the Johannesburg Stock Exchange.
Is capitec Bank Black Owned?
Michiel Le Roux is the founder and chairman of Capitec Bank, an African retail bank.
He is rated as the eighteenth African billionaire on the Forbes list as of 2020.
Which bank is the richest in South Africa?
Barclays Africa Group
With around 42,000 employees, it operates out of Johannesburg.
In 2016, the bank reported total assets of US$94 billion and a net profit of US$1.35 billion.
Who is the owner of Capitec Bank in South Africa?
Michiel Le Roux,
Michiel Le Roux of South Africa founded Capitec Bank in 2001 and owns about an 11% stake.
The bank, which trades on the Johannesburg Stock Exchange, targets South Africa’s emerging middle class.
