Pepkor denies Standard Bank tie-up as South Africa’s newest bank prepares for launch

Pepkor has denied being in talks with Standard Bank or any other bank regarding a personal tie-up or any other strategic partnership.

This comes as Pepkor is developing its in-house banking offering, which is set to target the same personal banking market currently dominated by Capitec.

On Thursday, 30 July, Pepkor responded to media speculation that it is in exploratory talks with Standard Bank over a potential personal banking tie-up.

The retail giant denied that these talks were taking place and confirmed that it was not in talks with any banks regarding any strategic partnerships.

“Accordingly, shareholders are advised that there is no information requiring disclosure in terms of the JSE Listings Requirements and are cautioned against placing reliance on the article,” Pepkor said.

“Pepkor remains focused on developing its banking offering, which forms an important component of the Pepkor Group’s broader financial services strategy.”

The retailer said it will continue to pursue the establishment of an independent bank within the required regulatory framework.

When the development of Pepkor’s banking offering was first announced in November 2025, it was reported that it was likely to partner with Investec, with discussions underway.

However, in March 2026, it was reported that Pepkor is considering abandoning a potential partnership with Investec, opting instead to launch its own lender.

Pepkor has already made significant strides in getting its bank off the ground, having received regulatory approval from the Prudential Authority to establish its banking presence.

Now, it is only one step away from becoming registered as a bank, which will be built on its +more loyalty and data programme, which was launched in 2024.

By 2025, this programme had 10 million members, and Pepkor’s results for the first half of its 2026 financial year showed that membership had grown to 17 million.

To aid in developing its banking offering, Pepkor acquired CloudBadger Technologies, a South Africa-based team and financial services platform, on 1 October 2025.

In March 2026, the group submitted its section 16 application, which, once approved, will enable it to become officially registered as a bank.

Pepkor has also hired Merwe Scholtz to head its new banking initiative. Scholtz is now the CEO of Pepkor Banking Initiative.