Discovery Bank begins rollout to general public

Scorpion101

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Dec 8, 2013
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To those who think it is a racist bank I would like to ask.How would you propose economic change take place ? Would you prefer land expropriation over this form of economic change. I for one am for this, as what was taken in the past is taken and let it be. But to make amends for the past give those who never had the opportunity to take advantage shares and stocks do so now.
 

BBSA

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I see victimhood has spread right across the colour spectrum. Well I guess we're finally becoming one South Africa.
Not really, many South Africans is against racism, except if they benefit from it;)

Would be nice if everyone could call for a non-racial South Africa, even if you benefit from racist laws and policies.
 

hawker

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Exactly. Giving certain people equity in a private business is a great move. It doesn't harm anyone.
 

Johnatan56

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To those who think it is a racist bank I would like to ask.How would you propose economic change take place ? Would you prefer land expropriation over this form of economic change. I for one am for this, as what was taken in the past is taken and let it be. But to make amends for the past give those who never had the opportunity to take advantage shares and stocks do so now.
How long will the victim card last? At what point do you stop?
Did Apartheid give whites free shares in banks because they were white?
 

TheExaminedLife

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Not really, many South Africans is against racism, except if they benefit from it;)

Would be nice if everyone could call for a non-racial South Africa, even if you benefit from racist laws and policies.
Its racist because you perceive it as such. Statistically the black population still does not share in the economic wealth of the country relative to their population size. This is neither your fault nor mine. However solutions such as this don't inherently hurt or disadvantage anyone. This is not an opportunity cost to you as I would assume you never had any expectation of receiving equity before this deal was announced. In saying that we all should choose to do business with companies that closely align with our values so each to our own I guess.
 

BBSA

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Its racist because you perceive it as such. Statistically the black population still does not share in the economic wealth of the country relative to their population size. This is neither your fault nor mine. However solutions such as this don't inherently hurt or disadvantage anyone. This is not an opportunity cost to you as I would assume you never had any expectation of receiving equity before this deal was announced. In saying that we all should choose to do business with companies that closely align with our values so each to our own I guess.
No it is not racist because I perceived as such, it is racist because they discriminate against their white customers. Would you do business with a company which discriminate against you?

If we want a non-racial South Africa we much all speak out when businesses discriminate based on the colour of your skin.
 

hawker

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No it is not racist because I perceived as such, it is racist because they discriminate against their white customers. Would you do business with a company which discriminate against you?

If we want a non-racial South Africa we much all speak out when businesses discriminate based on the colour of your skin.
You think people would be stoked there are going to be more people adding to the tax base + paying more tax and having skin in the game.
 

BBSA

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You think people would be stoked there are going to be more people adding to the tax base + paying more tax and having skin in the game.
I would be happy if our economy can grow and more people can contribute. The sad reality is that these racist laws and policies in our country actually hamper economic growth and does not benefit the poor.
 
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SaiyanZ

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No it is not racist because I perceived as such, it is racist because they discriminate against their white customers. Would you do business with a company which discriminate against you?

If we want a non-racial South Africa we much all speak out when businesses discriminate based on the colour of your skin.

The discrimination against you that you speak of is only in your head. Your current bank doesn't give you free shares and Discovery also wont. So you lose nothing.
 

BBSA

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The discrimination against you that you speak of is only in your head. Your current bank doesn't give you free shares and Discovery also wont. So you lose nothing.
I did not say they discriminate against me, I said they discriminate against their white customers.
 
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SaiyanZ

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I did not say they discriminate against me, I said they discriminate against their white customers.
Maybe other white customers do not feel the same way as you as they realize they haven't lost or gained anything. My comment applies to you or anyone who feels discriminated against. Their position should be indifferent.
 

SauRoNZA

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How long will the victim card last? At what point do you stop?
Did Apartheid give whites free shares in banks because they were white?
When did the shares become free?

It's about limiting shares to blacks only, not giving them away.
 

BBSA

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Maybe other white customers do not feel the same way as you as they realize they haven't lost or gained anything. My comment applies to you or anyone who feels discriminated against. Their position should be indifferent.
We will never achieve a non-racial South Africa as long as we have scheme like this which dividend us alone racially lines. It is sad that we still have people in South Africa who does not want this racial BS to end.
 

Trilkop

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Its racist because you perceive it as such. Statistically the black population still does not share in the economic wealth of the country relative to their population size.
Not sure what 'economy' you are speaking of. South Africa no longer has one.
 

SaiyanZ

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You have to read between the lines to be able to understand why they took this approach:

- Want to open bank
- Need guaranteed min x% black ownership to open bank in SA
- Want to build bank from the ground up like all other Discovery businesses. So can't just buy black owned business to make up the black shareholding requirement.
- Could just partner with black equity firm but decide against it.
- Decide to make up requirements using black customers.
- Now have to put out message into the market. Can't bluntly say that the share options for black customers is just being done to meet requirement for opening bank as that will also be taken badly.
- So market it with a slightly different message.

People are upset if they do not understand the above clearly. This is how a business for brand new large companies in SA is set up. There are no other options.
 

Trilkop

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Not interested in any of their reasons, albeit laws, ownership requirements, whatsoever. They are racist and can deal with the realities of their decisions.
 
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