How A Lawyer Built One Of South Africa’s Largest Banks
In preparing for the future, it is important to plan ahead and explore various models and scenarios of how things could play out, especially if you have an existing business, as this will help give you an edge over market vices and make you better positioned to take advantage of opportunities that come your way.
This is the success story of Michiel Le Roux, a South African Banking magnate who revolutionised the banking industry there and successfully built one of South Africa’s largest banks; Capitec Bank, the cheapest retail bank in South Africa and also the second largest bank in the country.
Here’s how he did it:
Early Life & Education Of Michiel Le Roux
Michiel Le Roux was born on the 20th of May,1949. He studied law at the prestigious Stellenbosch University after completing his secondary education and obtained a Bcom Law and LLB degree, although he ended up not practising, as he often mentioned the reason was due to the boring nature of the practice.
Journey To Entrepreneurship
Michiel Le Roux joined and worked with the Distillers Corp (Society Anonima) limited, where he went on to serve as the Managing Director from 1979-1993.
With the help of Christio Wiese the chairman of PEP, in 1994/1995 Michiel Le Roux ventured into the banking sector, and successfully ran Boland Bank Limited, a regional bank with operations mainly in Paarl, Western cape, South Africa. He served as the Managing Director of the bank until 1998 when it merged with NBS & BOE holding limited. He further continued as CEO after the merger until he left the company to establish Capitec
After Michiel Le Roux’s earlier stint in the banking sector, he went on to jointly found Capitec bank in March 1st, 2001,, a now publicly trade company on the Johannesburg Stock Exchange which he owns 11% stake in.
Capitec bank over the years has grown to become the 2nd largest retail bank In modern-day South Africa. Michiel Le Roux served as the CEO of the group from 2001-2004 and was appointed chairman of the financial institution from 2007-2017.
The bank is known for its affordability by almost anyone, especially the emerging middle class in South Africa, and was even given the award of Cheapest Bank in South Africa by Solidarity Research Institute (SRI).
Impact On Society
For many years, Michiel Le Roux has been a silent societal influencer and philanthropist. Asides jointly establishing one of the biggest financial institutions in South Africa, Capitec Bank, a company that is responsible for employing well over 11,000 people and largely contributing to the GDP of South Africa, he has donated to several humanitarian courses, including R100 million donation in an effort to help cushion the effect of the Coronavirus pandemic on Vulnerable South Africans.
Michiel Le Roux also donated 106,000 of his Capitec Bank shares to the South African trust fund, the South African SME relief trust and the solidarity response fund.
To Sum It Up
Whether you come from the corporate or government sector, you too can succeed. Michiel Le Roux’s success story has shown that anything is possible once you have the right vision, network, and drive to bring it to fruition.
Are you ready to take the next bold step?