There was an announcement from the fellows over at FirstRand that they would be taking a stake in a Nigerian bank, Sterling Bank. Sterling has 99 branches. Their loan book grew from 2009 to 2010 by around 30 percent in local currency terms, to around 100.6 billion Naira. Which is about 4.5 billion ZAR. So, about 30 percent of Capitec's book, that is what they are adding. The stock at current levels trades historically on less than 6 times earnings. Cheap? Yes. Not without a number of speedbumps, perhaps. Material? No. Potential? Yes! Check out their last set of financials, for the full year to end December, Dollar to Naira is around 155 for ease of exchange controls ---> Sterling Bank Plc. FY 2010 results.