AV
Arno V
1 reviews | Active since Jun 2018
20 Nov 2018, 09:32
******
If Discovery believes ************** and ****** is good for the company then #DiscoveryMustFall
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Discovery Bank's replyOfficial
20 Nov 2018, 10:30Thank you for your comment - we note your frustration and hope we can clarify the reason behind our share decision.
As with all major institutions in our country, Discovery is guided by both the legislative framework and its social license to operate – both are crucial. Levels of black ownership in South Africa are legislated.
As part of the Discovery Bank licensing process the South African Reserve Bank specified direct black ownership in the Bank and we will strive to meet this commitment in a fair and equitable manner. We endeavour to always do the right thing based on our values and what we believe is best for our country
In addition to the above, the scheme shares will not be given away for “free”. Qualifying customers will pay for their shares (and any interest thereon) via vendor financing within the scheme. This approach is consistent with many other models in the financial services and banking sectors.
We value you as our client and we really hope you'll stay.
Best regards
Rene
As with all major institutions in our country, Discovery is guided by both the legislative framework and its social license to operate – both are crucial. Levels of black ownership in South Africa are legislated.
As part of the Discovery Bank licensing process the South African Reserve Bank specified direct black ownership in the Bank and we will strive to meet this commitment in a fair and equitable manner. We endeavour to always do the right thing based on our values and what we believe is best for our country
In addition to the above, the scheme shares will not be given away for “free”. Qualifying customers will pay for their shares (and any interest thereon) via vendor financing within the scheme. This approach is consistent with many other models in the financial services and banking sectors.
We value you as our client and we really hope you'll stay.
Best regards
Rene
Discovery Bank's reply20 Nov 2018, 10:30
Official
Thank you for your comment - we note your frustration and hope we can clarify the reason behind our share decision.
As with all major institutions in our country, Discovery is guided by both the legislative framework and its social license to operate – both are crucial. Levels of black ownership in South Africa are legislated.
As part of the Discovery Bank licensing process the South African Reserve Bank specified direct black ownership in the Bank and we will strive to meet this commitment in a fair and equitable manner. We endeavour to always do the right thing based on our values and what we believe is best for our country
In addition to the above, the scheme shares will not be given away for “free”. Qualifying customers will pay for their shares (and any interest thereon) via vendor financing within the scheme. This approach is consistent with many other models in the financial services and banking sectors.
We value you as our client and we really hope you'll stay.
Best regards
Rene
As with all major institutions in our country, Discovery is guided by both the legislative framework and its social license to operate – both are crucial. Levels of black ownership in South Africa are legislated.
As part of the Discovery Bank licensing process the South African Reserve Bank specified direct black ownership in the Bank and we will strive to meet this commitment in a fair and equitable manner. We endeavour to always do the right thing based on our values and what we believe is best for our country
In addition to the above, the scheme shares will not be given away for “free”. Qualifying customers will pay for their shares (and any interest thereon) via vendor financing within the scheme. This approach is consistent with many other models in the financial services and banking sectors.
We value you as our client and we really hope you'll stay.
Best regards
Rene