INTERNET BANK 20TWENTY GEARS UP FOR RELAUNCH

Internet

Internet bank 20twenty is gearing up to re-enter the South African market next week.The bank was bought by emerging market heavyweight Standard Chartered Bank last year for about 10m after it was placed under curatorship with former parent group Saambou early in 2002.

Despite the problems the bank faced, it said only 6% of its 40,000 customers closed their accounts, and about half of the remaining customers had remained active, despite scaled-back services during its curatorship.

CEO Christo Davel said last week that the bank aimed to grow its customer base to 300,000 over the next five years, based on the assumption that online banking customers would number about 3-million by then.

Apart from new features when it relaunched, 20twenty's offering would be expanded to include mortgage and vehicle finance by year-end, said Davel.

Business Day