End of a 25-year era for Capitec
Capitec has announced the retirement of Dr Chris Otto from its board, who has worked with the group since its inception.
Otto, a founding non-executive director of the group, will retire from the board effective 31 July 2026.
Capitec said that Otto has served on the board since the group’s inception and has been instrumental in its stewardship.
Capitec expressed its gratitude to Otto for his dedication, strategic direction, and invaluable contributions to its success.
He will also retire as a member of the Risk and Capital Management Committee on 31 July 2026.
In just 25 years, Capitec has grown from a micro-loan provider into the nation’s largest bank by customer numbers, with over 26 million. The bank currently has a market cap of R544 billion.
Otto co-founded PSG Group in 1995 alongside billionaire Jannie Mouton. The pair dreamed of building a financial services conglomerate.
The PSG Group played a massive role in the growth of several key South African companies, including Capitec, Curro, Stadio, the KAL Group, and PSG Financial Services.
In addition to being part of the team that founded Capitec Bank in 2001, he also founded Zeder Investments in 2006, which focuses on developing the agribusiness industry.
He was awarded an honorary doctorate by the University of Stellenbosch at the graduation ceremony for the Faculties of Law and AgriSciences in December 2025.
He also served as the founding chairman of the Stellenbosch Law Faculty Trust. The trust offered bursaries for postgraduate studies, funding to support research and training initiatives for staff.
The trust assisted in establishing the Chair in Social Justice, the Gys Steyn Chair in Financial Regulation Law, and the Chair in Urban Law and Sustainability Governance.
He also founded the Otto Foundation with his daughter, Zephne Ladbrook, in 2016. The fund aims to advance social justice in South Africa through projects that improve early literacy.
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