Old Mutual receives approval to apply for banking licence

[Jan]

Old Mutual to launch bank in South Africa

Old Mutual says it received Prudential Authority approval to apply for a banking licence in South Africa, plans to launch in 2024, and break even in three years.

The financial service company announced the development in a voluntary trading update for the nine months from 1 January to 30 September 2022.

 

[Ianf1]

Why did they unbundle Nedbank then? https://www.oldmutual.com/investor-relations/old-mutual-plc/nedbank-unbundling

 

[rvZA]

Good luck

 

[Number Six]

What happened to the Old Mutual Bank branches in all the malls?

 

[Pak Fa Fui]

Another bank, another rewards programme, another mvno what makes them so special

 

[Gudnews]

Too late. The only folks who'll use it are the one's who'll be told how much more simpler it is to get their insurance payout through it.

 

[Dups!]

What happened to the Old Mutual Bank branches in all the malls?

I am really confused, I thought they already had a bank in operation.

Edit: never mind, I just found out that it was an arrangement with Bidvest and not entirely Old Mutual's bank.

 

[richjdavies]

Problem with Old Mutuals "bank" was that the UX was dodgey as f! I sent details of other people, asked you to send documents they already had etc.

Wife signed up for an account to grab the high savings rate, but gave up when it was too hard and seemingly too risky!

 

[backstreetboy]

20 years too late.