Black Discovery Bank customers will get shares in its listed parent – but a year later details are still scarce

[Jopie Fourie]

It has "made important progress" on an empowerment scheme aimed at the customers of Discovery Bank, the bank's listed parent Discovery Limited says in an annual report published on Friday.

But one month shy of a year after first announcing the plan – to give fully vendor-financed shares to black depositors – details remain very scarce.

Discovery confirmed that 10% of the bank will go to "qualifying participants", but clarified that they will not receive shares directly in Discovery Bank. Instead black customers of the bank will be allocated "an equivalent value of Discovery Limited share".

Discovery Limited is the parent company of the bank, Discovery Health, which administers the giant medical aid by the same name, Vitality, and associated businesses such as Discovery Limited.

Black Discovery Bank customers will get shares in its listed parent – but a year later details are still scarce | Businessinsider

Discovery says it has "made important progress" in a plan for vendor-financed shares due to black depositors of Discovery Bank.

www.businessinsider.co.za

 

[Jopie Fourie]

I am very glad for the handouts to them.

 

[TheChamp]

How is the boycott going?

 

[Techne]

How is the boycott going?

Momentum is much better.

 

[MachoPants]

I thought I would try out the Discovery savings account, just for interest sake. Well, after 6 attempts at the registration process I gave up.

 

[maumau]

Probably experiencing high call volumes /s

 

[Jopie Fourie]

How is the boycott going?

Going good, thanks. They still not getting me as a client and that is all that matters to me.

 

[vigras rojara]

Going good, thanks. They still not getting me as a client and that is all that matters to me.

Didn't know they offered cover in Panama.