FirstRand unlocks R3bn of value for its shareholders through the disposal of its interest in Discovery Card and Discovery Bank

FirstRand today confirms that is has agreed to dispose of its 25.01% interest in Discovery Card and Discovery Bank for R1.8 billion. This transaction, when combined with the payment of R1.3bn in 2016 when Discovery increased its participation in the FNB/Discovery Card JV from 20% to 74.99% has unlocked R3bn of value for FirstRand shareholders.

Commenting FirstRand CEO Alan Pullinger said;

“FirstRand shareholders have been well rewarded through the economic value created by the FNB/Discovery Card JV and the subsequent sale of our interest in the JV and Discovery Bank.”