Back story on why Aussie’s colossal CommBank is swimming against tide into SA

By way of context, Commonwealth Bank's market value is R100bn higher than SA's mighty Naspers (which accounts for 20% of the JSE's all share index).
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Pick n Pay chairman Gareth Ackerman is a cool customer. When we met for lunch last week, he managed to resist spilling even a single bean about one of the most exciting developments in his group's illustrious history. We discovered yesterday that the retail chain has partnered with South Africa's newest bank, a digital offshoot of Australia's colossal Commonwealth Bank.

By way of context, Commonwealth Bank's market value is R100bn higher than SA's mighty Naspers (which accounts for 20% of the JSE's all share index). Put differently, the Aussie giant is worth the equivalent of FirstRand, Standard Bank, Barclays Africa, Nedbank, Capitec and Investec combined – plus another R300bn. Eisch. Talk about a new giant threat to the SA banking establishment.

Yesterday my colleague Gareth van Zyl met the new challenger's chairman, CommBank group executive Coen Jonker. It's a fascinating interview exclusively for Premium subscribers. Also fresh in Premium today, Wits political brainiac Susan Booysen pours cold water on Zweli Mkhize's presidential ambitions and a superb piece on the last days of the US market's bull run from Felicity Duncan in Philadelphia. Lots to enjoy.

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