By September, the eagerly awaited launch of a new SA bank will go live. But it won’t be easy. "We don’t have any illusions. We know how difficult it is to persuade people to move banks. The established banks are super strong and there are a number of disrupters," says Discovery CEO Adrian Gore. Gore announced the intention to form Discovery Bank two years ago. It will be part of the R114bn market cap of Discovery Group. Prelaunch spending will reach R1.5bn. In an interview, Gore said it would have been simpler to go into a joint venture, perhaps with FNB, which currently operates the Discovery credit card. Instead, Discovery chose to build the bank from the ground up. "This is certainly the most complex business we have ever gone into, and the most hotly contested space," says Gore. "We have done a great job at the plumbing. "We have now got to get interest from the public." In practical terms, the first of Discovery Bank’s products will be its existing credit card book, but Discove...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now