Discovery applies for bank licence – Business Day

Using its First National Bank-backed credit card as a springboard, Discovery will launch a ‘full-service’ retail bank as soon as it obtains regulatory approval in a bid to diversify its income streams. The insurer has already put in motion its plan to add a bank to its operations through the acquisition of a nearly 75% interest in DiscoveryCard. “We have applied for a licence. We don’t know when that will be granted,” said Discovery CEO Adrian Gore. Mr Gore said Discovery’s retail bank would be built from a technology perspective. Justin Floor comments.

view article