Old Mutual is on track to launch its new bank in South Africa after nearly two years of developing its banking systems.
Old Mutual is on track to launch its new bank before the end of 2024, with the insurer submitting its systems and processes for regulatory approval from the Prudential Authority at the beginning of this year.
The company’s massive profit growth was largely driven by its impressive investment return, which increased from R20.41 billion to R135.9 billion — a 565.79% increase.In a media briefing following the release of the company’s results, Old Mutual CEO Iain Williamson provided an update on the company’s plans to launch a bank.
Old Mutual said that the unsecured lending solution, in particular, is already a strong contributor to group profitability. Williamson said Old Mutual’s bank completed its section 16 submission to the Prudential Authority at the beginning of 2024 and is now awaiting approval. The next step for Old Mutual is the section 17 submission, which allows them to notify the industry via the Payments Association of South Africa that we intend to test the National Payments system in the latter half of 2024.
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