LONDON: Old Mutual has received the green light from the Prudential Authority to set up its own banking institution. This milestone comes after an intensive review process under Section 16 of the Banks Act 94 of 1990. The approval, governed by Section 17 of the same act, marks a significant advancement for Old Mutual, allowing it to move from the planning stage to a more hands-on phase of development.
As part of this progression, Old Mutual will embark on a comprehensive testing phase, collaborating closely with select banking partners to ensure a seamless and error-free experience. This phase is critical to guarantee that the forthcoming OM Bank can be smoothly incorporated into the National Payments System, marking its official entry into the banking industry.
The establishment of OM Bank signifies Old Mutual’s commitment to expanding its services and enhancing financial accessibility for its customers. The new bank is expected to bring a fresh perspective to banking solutions, backed by Old Mutual’s longstanding reputation in the financial services sector.
“The approval to establish a Bank is a material catalyst in our strategic delivery journey. It accelerates the fulfilment of our strategic choice to build an Integrated Financial Services business and further strengthens our victory condition to be our customers’ first choice to sustain, grow and protect their prosperity” said Iain Williamson, the Group Chief Executive Officer.
Old Mutual is a premium African financial services group that offers a broad spectrum of financial solutions to retail and corporate customers across key market segments in 14 countries. Old Mutual’s primary operations are in Africa, and it has a niche business in Asia. With over 178 years of heritage across sub-Saharan Africa, Old Mutual is a crucial part of the communities it serves as well as broader society on the continent.