Global marketsUpdated November 9

Shoprite plans banking with Investec.

Shoprite has the customer reach; Investec has the banking infrastructure. The proposed offer would let the grocery chain add debit cards and broader financial services for millions of customers, using Investec’s banking backbone and regulatory framework. It still needs regulatory approval, so the offer isn’t available to customers yet. Investec CEO Fani Titi said the tie-up would also broaden the lender’s access to retail deposits. If approved, Shoprite would bring the services to its customers, with Investec providing the banking side.

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Coverage started November 9