Economy & Politics

South Africa: Hylton Kallner, new boss of Discovery Bank

Hylton kallner

The South African holding company Discovery announced Thursday, December 10, that it had appointed Hylton Kallner as the new CEO of Discovery Bank and Discovery Bank Holdings, as of January 1, 2021. He succeeds Barry Hore, who has headed the retail bank since its creation in 2019.

Hylton Kallner will step down from the various boards of Discovery subsidiaries, but will retain his role as chairman of the Discovery South Africa executive committee “as a key coordinating structure across the South African composite,” the bank said.

His appointment comes at a time when Discovery Bank has completed its “creation and migration” phase. During this period, the young bank took “several important steps” including the deployment of digital banking, the products of the new bank and the migration (Discovery Card accounts from FirstRand Bank Limited have migrated to Discovery Bank).

Launched in 2019, Discovery bank has experienced strong growth with more than 500,000 accounts and 5 billion rand (334.1 million USD) in retail deposits.

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