JP Morgan has reduced its shareholding in South African lender Capitec Bank from 6.23% to 4.96%, Capitec announced to the Johannesburg Stock Exchange.
However, the announcement did not disclose the price that the global bank received, or if the disposal signaled a lack of confidence in the bank or the South African banking sector.
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The US banking major had increased its beneficial interest in the ordinary shares of Capitec to 6.23% in November 2014.
Previously, the South African Reserve Bank has declared in its stability review that South African banks were profitable and well capitalized.
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