WesBank welcomes the fact that the matter with the Competition Commission and Competition Tribunal has now finally been resolved.

The Consent Order Agreement with the Competition Commission, as confirmed by the Competition Tribunal, brings a complaint to a close that was referred by the Commission to the Tribunal in February 2022.

There has been no finding of contravening the Competition Act against WesBank. The settlement agreement amount of R30 million will be carried by the five respondents.

As part of the agreement, WesBank agreed to make certain changes to the execution of its joint venture agreement with Toyota Financial Services (TFS). It should be noted that the joint venture agreement between TFS and WesBank remains in place.

WesBank will continue not to compete on the dealer floor, with TFS, in line with the joint venture agreement.

However, should customers wish to come directly to WesBank, or using one of WesBank’s digital channels, that will be accommodated in line with the agreement with the Competition Commission.

This will ensure continued competition and best options to customers.