Discovery's banking licence approved

The Registrar of Banks, part of the SA Reserve Bank, headed by Deputy Reserve Bank Governor Kuben Naidoo, has granted Discovery its banking licence.

JSE-listed Discovery said in a statement that the granting of the licence is subject to specific regulatory conditions, including conditions relating to the proposed shareholding in the bank, as well as Competition Commission approval. Meanwhile, certain other regulatory approvals are still required to complete the transactions proposed.

Pictured: Adrian Gore, Discovery CEO