Old Mutual joins fray with bid for banking licence
22 November 2022 - 11:07
Old Mutual has applied for a banking licence, in a move that will further shake up the banking industry, long dominated by four traditional players.
SA’s third-biggest insurer said in a statement on Tuesday that the banking licence would serve as a platform to drive greater interactions with its client base and cross sell its products across the group. It would also enable the insurer to accept retail deposits, thereby providing a cheaper source of funding...
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