Mercantile Bank Holdings Limited has received bids from foreign investors. The bank, owned by Caixa Geral de Depósitos, S.A., will be purchased by one of four bidders by the end of the 2018. In the running are Capitec Bank Holdings Limited (JSE:CPI), Nedbank Limited (JSE:NBKP), Bayport Financial Services, a consortium comprising Grindrod Bank Limited and Arise Investment Management, and a consortium comprising Public Investment Corporation SOC Limited.

Nedbank's Chief Executive, Mike Brown described the possible acquisition as bolt on and unlikely to affect market shares.