Financial services group Old Mutual says that it has received approval from the South African Reserve Bank’s Prudential Authority to apply for a banking licence, with plans to launch its own bank in 2024. In a voluntary business update on Tuesday (22 November), the group said that it had received Section 13 approval from the PA to proceed with the application for a banking license. “The establishment of an entity in the group with a banking licence is a natural progression of our core strategy, helping us to sustain our customers’ prosperity through an enhanced transactional banking capability,” it said. The group already has existing lending and transactional solutions – an unsecured lending product and the Old Mutual Money Account – with the latter handled through a partnership with Bidvest Bank. Click here to read full article