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When the PSG Group unbundled Capitec at the end of August, the investment holding company was left without the significant dividend flow from the bank it had become used to over the years.
In its 2020 annual report, the company showed its investment in Capitec had delivered compound annual returns of 34% over the 10 years to February 2020.
Now that PSG is left with only 2.8% stake in Capitec, compared to 30.7% before the unbundling, where is it going to find an investment that will plug the gap left by exiting South Africa's fastest growing bank?
