Investec shoots down Pep talk

Investec CEO Fani Titi has dismissed media reports that the group is in talks with Pepkor to launch a banking service, saying there is no such partnership under discussion and that Investec has not entered into any agreement of this nature.

- Liesl Peyper

"In short, we do not have any agreement executed with anyone and we will not comment on any of our clients or any discussions that we may or may not have as we go forward," he said.

Earlier media reports said that Pepkor is exploring a partnership with Investec to introduce a zero-fee banking offering through the retailer's 6 000 store network across South Africa.

Titi's comments came shortly after the release of Investec's interim results, which showed a resilient performance despite pressure from lower interest rates.