Discovery Bank begins rollout to general public

SaiyanZ

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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.
The smart whites who understand this stuff won't have a problem with Discovery's decision making. Their bank will be better off without the not-so-smarts. So they will only benefit even if you don't/can't believe it.
 

Trilkop

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And?

Discovery will be better of with people who don't understand business and people who are frothing at the mouth to call others racist. This will eliminate a large part of people with sub-par logic and reasoning which will only be good for Discovery as the sub-par logic ad reasoning can also extend to ones finance management.
Then they can have those clients and see how well things will turn out for them.
 

SauRoNZA

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Link is broken on mobile, but your quoted text is enough to say that it’s not really free but conditional.

And you can be sure pretty much all of those who get “free” shares won’t even get near one whole share.
 

SauRoNZA

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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.
See the post right above yours and understand how it’s not them being racist at all.

It’s their means of doing business...or not.
 

BBSA

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And?

Discovery will be better of with people who don't understand business and people who are frothing at the mouth to call others racist. This will eliminate a large part of people with sub-par logic and reasoning which will only be good for Discovery as the sub-par logic ad reasoning can also extend to ones finance management.
o_O

Any business who does not want customers who is against racism is doomed to fail.

Most of us do realise that all these racist laws and policies are bad for our economy and want to see the end of them. Maybe your logic is sub-par if you can not see that.
 
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Trilkop

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See the post right above yours and understand how it’s not them being racist at all.

It’s their means of doing business...or not.
Hence the reason they have set themselves up for failure, and also the reason I can never trust a company like this with my finances then. If you cannot do proper business in Africa, best is to start small and compete abroad.
 

SaiyanZ

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o_O

Any business who does not want customers who is against racism is doomed to fail.

Most of us do realise that all these racist laws and policies is bad for our economy and want to see the end of them. Maybe your logic is sub-par if you can not see that.
You just proved what I said. Logic is lacking and you go straight to racism.

Somehow you also rationalize a white guys tweet to his white friends as "most of us".

Discovery will not miss you. No more needs to be said here.
 

BBSA

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You just proved what I said. Logic is lacking and you go straight to racism.

Somehow you also rationalize a white guys tweet to his white friends as "most of us".

Discovery will not miss you. No more needs to be said here.
I go for racism because they discriminate based on race. It is really not difficult to understand.

I do not care if they want me as a customer or not, but I sure as hell going to point out their racism.
 
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SauRoNZA

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Hence the reason they have set themselves up for failure, and also the reason I can never trust a company like this with my finances then. If you cannot do proper business in Africa, best is to start small and compete abroad.
Failure....HA HA HA HA HA.
 

Johnatan56

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Link is broken on mobile, but your quoted text is enough to say that it’s not really free but conditional.

And you can be sure pretty much all of those who get “free” shares won’t even get near one whole share.
Conditionally free as a white person doing the same won't get it for free.

And it being a whole share doesn't matter, that's completely up to how a company splits it.
 

SauRoNZA

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Conditionally free as a white person doing the same won't get it for free.

And it being a whole share doesn't matter, that's completely up to how a company splits it.
My point is that it’s mostly marketing and as was previously explained an easy way for them to reach their BEE compliance.

I’d much rather have a company giving away shares for free their putting incompetent token people in place to get legal approval.

At least giving it away puts it in the hands of more people and spreads it around instead of benefitting only a few.
 

jambai

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But in this economy who says discovery bank is going to do well .most rich use private banks who I believe offer good service and not what discovery is really competing with . The middle class is getting squeezed and this shows in their medical aid results . I would say the only thing discovery bank is going to do is kick Ebucks into action for better value as the bank will be expensive and complicated
 

Nemoneiros

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My point is that it’s mostly marketing and as was previously explained an easy way for them to reach their BEE compliance.

I’d much rather have a company giving away shares for free their putting incompetent token people in place to get legal approval.

At least giving it away puts it in the hands of more people and spreads it around instead of benefitting only a few.
Honestly, I doubt it is going to reach the LSM who actually needs it. It would probably end up with the middle and upper classes, who don't need it.

If they haven't spread the love down to the LSM by now then it is not going to happen anything soon. Therefore it was a wasted exercise, was it not?

Or are the LSM onboarding in droves?

Note:
I meant The Lower LSMs (Living Standards Measure). Not just LSM.
 
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Johnatan56

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My point is that it’s mostly marketing and as was previously explained an easy way for them to reach their BEE compliance.

I’d much rather have a company giving away shares for free their putting incompetent token people in place to get legal approval.

At least giving it away puts it in the hands of more people and spreads it around instead of benefitting only a few.
You know they don't have a choice in regards to black ownership? You know they also need to certain percentage in e.g. management (think 40-50%), etc.
There are other banks that didn't give away shares, they sold them but only made it so black people can get them. The point of shares is to raise capital, I'm okay with them being forced to sell to only race as government is forcing them to (not agreeing with government though as those able to purchase/get them are definitely not underpriveledged) but not okay with giving away for free as it undermines the use of shares. Some people are going to get a say in the company without even contributing to it.
4. Ownership – Each financial institution has a minimum target for black ownership and shareholders.
https://www.banking.org.za/what-we-do/inclusive-economy/broad-based-black-economic-empowerment
 

midkemia

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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.
can you not agree that using race to decide who gets the most or the best of something is bad, as we have learnt from the past, and should be called out for being racist. surely you can see this? Reversing something to be racist in the opposite direction is still racist, as it still puts a person of one specific race above another.
 

midkemia

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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, its racist, because its racist... thats like being in the Third Reich and saying well because these jews previously disadvantaged us, now its ok to look the other way. its not OK, and it will never be OK to be racist. in what ever form that racism takes, it should be exposed so people around understand whats happening.
 

midkemia

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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.
apply that to EVERYONE and let EVERYONE from this land with a diverse culture expand into the future together? instead of just one skin colour... business should be BANNED and FINED for ANY mention of race or skin colour getting preferential treatment.
 
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