INVESTEC
Koseff takes Discovery Bank’s entry seriously
Investec CEO Stephen Koseff is not taking lightly the expected entry of Discovery Bank into the market in 2018, but true to his can-do attitude, Koseff welcomed the competition as a forcing mechanism to make Investec better. "They’re very clever people. I’m not going to underestimate them," Koseff said of Discovery on Thursday. "They’ll find banking a bit more competitive than insurance was when they came in." Discovery’s entrance into banking comes at a time when banks are actively disrupting themselves through partnerships with fintechs and massive IT investments. In a recent global ranking of mobile apps for wealth management by independent research firm MyPrivateBanking, three South African banks featured in the top 10. Investec came second, tying with BNP Paribas and trailing marginally behind Credit Suisse and UBS, which tied for first place. Notwithstanding its strong position in the high net worth market, Investec knew exactly who of its clients were Discovery policyholders,...
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