Old Mutual granted approval to establish bank in South Africa
Old Mutual has been granted approval to establish itself as a bank by the South African Prudential Authority, subject to specific licensing conditions.
Old Mutual granted approval to establish a bank
The Sandton-based financial institution says it will now officially shift from “bank build mode” to commence a “strict and rigorous industry testing phase” with selected bank partners.
Should this testing period be devoid of errors, the group will endeavour to integrate its new offering into the country’s National Payments System.
Iain Williamson, Old Mutual’s CEO, states that the recent approval to establish a bank is a “material catalyst” in the group’s “strategic delivery journey”.
“It accelerates the fulfilment of our strategic choice to build an Integrated Financial Services business,” adds Williamson.
Founded in 1845, Old Mutual offers financial solutions for retail and corporate customers across 14 countries.
This development follows closely on the heels of its announcement in February that it had partnered with UK-based vendor 10x Banking to leverage its Software-as-a-Service (SaaS) core banking system.
