Group gets approval to set up banking presence

INSURANCE group Discovery had been given the regulatory go-ahead to establish a banking presence in South Africa, it said yesterday, in a move that could lead to it gaining a banking licence within a year. Discovery said last year that it would spend R2.1 billion to set up a retail bank based on the “behavioural model” it used in insurance to reward members. Discovery said it had a year to meet certain conditions to be granted a licence. – Reuters