JOHANNESBURG – Discovery will give black depositors 10 percent equity of its tech-led bank, the financial service’s group chief executive Adrian Gore said yesterday.
Speaking at the company’s headquarters in Sandton, Johannesburg, Gore said the bank planned to open to the public early next year and 10 percent of equity would be allocated to black depositors at no cost to them.
“The intention is that when black depositors join the bank, they will be given an equity. There will be no requirement for them to purchase shares at all,” said Gore.
He conceded that the approach could be challenged politically as the plan excluded white customers, but said that the bank would consult widely and the plan was at an initial stage.
Gore said Discovery was offering South Africa’s first behavioural bank.