Investec launches business account to attract mid-sized S.African firms

JOHANNESBURG, July 14 (Reuters) – Investec (INVP.L), (INLJ.J) said on Wednesday it was launching its first day-to-day business banking account, in a push to attract customers among South Africa’s more than 100,000 mid-sized firms.

Investec, which offers a range of services such as cash management, foreign exchange and lending, is offering the new transactional account to cover everyday needs such as deposits, withdrawals and payments, to make it the main banker for its new clients.

Investec, listed in London and Johannesburg, is targeting firms that see themselves as too small for a specialist lender like Investec. The market is currently dominated by South Africa’s four largest banks.

Investec will offer its account to firms that are at least three years old and have an annual turnover of at least 30 million rand ($2.12 million), said Dhiren Mansingh, head of business transactional banking.

Mansingh said the move would generate new business for Investec…

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