BBS moves to finish off BIFM Capital

BBS corporate affairs manager, Sipho Showa has confirmed that the bank is redeeming the shares: "We are redeeming those shares at the end of this month," Showa told Mmegi yesterday. "Our position hasn't changed."The news induced fears that the move would negatively affect BIFM Capital, the BIFM subsidiary that the financial institution owns with Capital Management Africa (CMA).

The owners of CMA are dual South African and British citizen Timothy Gordon Marsland and South African Rhys Carr. The BBS announcement follows hot on the heels of a failed attempt by BIFM Capital to have the bank stopped from redeeming the P150m shares until the case before the High Court concerning the shareholding agreement between the two is settled.