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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