'We view SA health as Discovery's only attractive business out of 10.'
Global banking giant Citi rates Discovery, which is due to open the digital doors of its new bank this week, as a high-risk investment and sees most of the company's businesses as"value-destructive ventures".
"We view SA health as Discovery's only attractive business out of 10," stated the report sent to Citi's institutional clients. "As patient investors, we are very pleased with the deliberate and thoughtful way they are doing things," RMI CEO Herman Bosman told Business Times."They are building a long term and capital-intensive business, and businesses of that nature tend to have quite a bit of capital outlay initially," said Bosman.
"You have a market of many different views and opinions on complicated stuff," he said; Discovery took note of what analysts said but focused on day-to-day operations. This means incentivising clients to be financially healthier and selling them some of the other financial services in Discovery's stable.And time is money. Discovery spent about R1.4bn to build its banking infrastructure - not branches, but systems.
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