Insurer Discovery, which is trying to make inroads in the banking sector, will pull back on lending, joining its newcomer rival TymeBank in rethinking strategy as the industry stares down the barrel of the worst economic downturn since the Great Depression.
“New banks are often credit led. We are going to be deposit led, especially in this environment. We are granting very little credit to new clients — we are just not prepared to take the risk at this stage,” said CEO Adrian Gore.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.
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