Wednesday , March 3 2021

Discovery to start a new bank today

JOHANNESBURG – The Discovery Financial Services Group is about to launch a multi-touted bank headquartered in Sandton, Johannesburg.

It is expected that Discovery will create strong competition for major South African banks, including Standard Bank, Nedbank and FirstRand.

It is also one of the six banks and banking services that will be announced in recent months.

The South African Reserve Bank issued temporary licenses to Tyme Bank. The postal bank plans to expand its services to become a full-service bank that can accept deposits.

Capitec said in September that he wants to enter the business banking business, and the Bank of Africa plans to start trading with banking products.

Bank Zero, a mutual bank co-authored by former executive director of FNB Michael Jordaan, is about to begin this year.

Only last week the Competition Commission approved its R1.8billion deal with FirstRand to exit the Discovery Card joint venture.

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