Old Mutual guns for Capitec with mass-market bank plan

Old Mutual is looking to make a comeback to the banking market by launching a digitally enabled mass-market lender capable of taking on Capitec in the second half of 2024.

The insurance and investment group has completed the first phase of regulatory processes required to begin its application for a banking licence ahead of a planned public market launch of the lending unit by no later than the end of 2024...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and TimesLive Premium.

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COMPANIES: Old Mutual’s deep pockets facilitate a R1.5bn share buyback – and a new bank next yearOld Mutual is likely to bring a bank to the market towards the end of 2024 and, no, it will not be called Old Mutual Bank.
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