JOHANNESBURG - The country’s banking sector is set for a major shake-up after Discovery today announced that it has received its banking licence from South Africa’s Registrar of Banks in terms of the banking act.
Discovery said in a statement that It now awaits the Competition Commission’s final response and is in the process of assessing the implications of the conditions.
“The grant of the banking licence is subject to specific regulatory conditions, including conditions relating to the proposed shareholding in the Bank and Competition Commission approval.”
“In addition certain other regulatory approvals are still required to complete the transactions proposed,” the company said. The country’s big banks, including Standard Bank,