Old Mutual launching new bank in South Africa in 2024 (BT)

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