As insurer Discovery gears up to launch its retail bank in 2018, banking group Investec has added a comprehensive life insurance offering to its product arsenal, aimed exclusively at its private banking customers. Investec Life, which had been under development since October 2016, was not a response to Discovery Bank, Deon Katz, head of Investec Private Bank SA, said on Thursday. Investec was continually seeking to meet client needs and improve on its online banking and investment platform, One Place, Katz said. The launch of Investec Life, a digital proposition with "high-touch service", was a natural evolution. Banks and insurance firms are increasingly encroaching on one another’s territory. As Discovery is set to unveil its bank before June 2018, FNB and Standard Bank are driving the sale of insurance and investment products among banking clients. MMI, meanwhile, is following rivals Old Mutual and Sanlam in extending personal loans, in this case through a partnership with Africa...

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