Green light for Discovery to set up its own bank

PUBLISHED: Mon, 16 Oct 2017 11:31:09 GMT

The health insurance group is stepping into firmly into the banking space. Discovery says it has been granted a banking license. The latest development follows Discovery CEO Adrian Gore’s pledge that its banking unit is on track to be up and running by the middle of 2018. Discovery said last year that it would spend 2.1 billion rand to set up a retail bank based on the “behavioral model” it uses in life and health insurance to reward members for their choices. The granting of the banking license is subject to specific regulatory conditions and still needs approval from South Africa’s Competition Commission. Graeme Korner, Director at Korner Perspective joins CNBC Africa for more.

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