Old Mutual has been given the green light to launch a new bank in 2024. The financial institution revealed in an announcement on the 22nd of November that it had received approval to apply for a banking license by the South African Reserve Bank’s Prudential Authority.
“The current transactional solution is delivered through a commercial arrangement with a third-party bank. While this commercial arrangement has allowed us to gain experience in transactionalOld Mutual
banking services, a divergence of aspiration requires us to reassess our future arrangement to deliver on our customer needs,”
Old Mutual has an approved expenditure of R1.75 billion for the new venture which will allow it to enjoy a closer relationship with its customers.
To read the full article, read, “Old Mutual launching new bank in South Africa in 2024”.