Table of Contents
Key Points
- Capitec’s longtime chief steps aside, remaining on as adviser to support the bank’s international expansion strategy.
- Under Fourie’s leadership, Capitec grew from 25,000 clients to 24 million, expanding across digital, business, and insurance sectors.
- Lee, a veteran executive at Capitec, brings global banking experience and will focus on growth and innovation.
Capitec Bank, Africa’s largest retail bank, has officially welcomed Graham Lee as its new chief executive officer. The leadership handover follows the retirement of longtime CEO Gerrie Fourie, who stepped down at the company’s annual general meeting on Friday, July 18.
Fourie steps back, but stays in advisory role
Fourie, the leading South African banker and business executive, who spent more than two decades at Capitec—including ten years as CEO—will remain involved in a strategic capacity, particularly supporting the bank’s plans to expand internationally.
He was originally hand-picked by Capitec founder and billionaire Michiel le Roux, and played a central role in turning the bank from a niche challenger into a powerhouse on the Johannesburg Stock Exchange, where it now holds a market capitalization of more than $22 billion.
Capitec's valuation climbs to $22.8 billion
When Gerrie Fourie stepped into the role of CEO in 2014, Capitec was a much smaller player in the banking industry. The bank operated just 55 branches and served around 25,000 clients.
More than a decade later, Capitec looks very different. It now ranks as the country’s largest retail bank, with over 24 million customers and a growing footprint in digital banking, business services, and insurance.
The growth isn’t just visible in customer numbers. Capitec’s market capitalization climbed to R403.9 billion ($22.8 billion) under Fourie’s leadership, while annual net profit jumped from R2.04 billion ($109.08 million) to R13.75 billion ($742.5 million) in the 2025 financial year.
The bank’s balance sheet also tells the story. Total assets more than quadrupled to R238.46 billion ($12.75 billion), and equity rose to R50.91 billion ($2.74 billion), a sign of both its financial strength and its steady position in South Africa’s banking landscape.
Lee steps up with global vision
With Fourie stepping back, Capitec is now entering a new chapter under Graham Lee, who has been part of the bank’s leadership team since 2003. Lee recently served as Group Executive of the Retail Bank and has been a key figure in shaping Capitec’s digital banking strategy.
Lee brings a mix of banking and technology experience, having worked across South Africa, Zimbabwe, the UK, Australia, and Nigeria. Before joining Capitec, he worked at Morgan Stanley in London and led a microfinance bank in Nigeria. In the coming months, Lee will work closely with Fourie to ensure a smooth transition and maintain continuity as the bank moves forward.
