Old Mutual gets green light to launch new bank in ...

Old Mutual gets green light to launch new bank in South Africa

Zim Now Writer

Leading African financial services group, Old Mutual Limited, has received critical regulatory approval to establish a new bank.

The bank is expected to act as a one-stop shop for the company’s financial services.

The approval, granted by the Prudential Authority under Section 17 of the Banks Act, allows Old Mutual to move from the planning stages to a rigorous testing phase with industry partners. Upon successful completion of the testing, the new “OM Bank” will be fully integrated into the National Payments System.

“The approval to establish a Bank is a major boost for our strategic goals,” said Iain Williamson, Group Chief Executive Officer of Old Mutual.

“This accelerates our plan to build an integrated financial services business and allows us to better serve our customers’ needs for financial security and growth.”

The Zimbabwe Stock Exchange company, is a leading financial services provider in Africa, offering a wide range of products and services to retail and corporate clients across 14 countries.

The company has a long history in South Africa, with over 178 years of experience serving the continent. The new banking venture is part of Old Mutual’s commitment to further strengthen its position as a key player in the African financial landscape.