RENNIES, the wholly owned travel and foreign exchange division of trading and services group Bidvest, has set up a new bank. The new entity, Rennies Bank, aims to achieve a pre-tax profit of R75m in its first full year to June 2002 and a return on equity far in excess of those of its major competitors. Rennies said it had the largest share of the South African travellers cheque market, which is worth $1bn a year and is the world’s fifth largest. The bank’s main business would be cards, travellers’ cheques and electronic banking, although it would also take deposits, make advances, and extend savings accounts linked to debit and credit cards. – Reuters