Does SA really need another bank?
If you’re Old Mutual, the answer is yes, with a target launch date of 2024. But the sceptics will take some convincing that it is a good idea
01 December 2022 - 05:00
What do you do when you have R3.5bn in capital lying around? In Old Mutual’s case, it seems that you decide to start a bank (again).
South Africa’s second-largest listed life insurer said last week it’s applied for a banking licence in a bid to bring its transactional services in-house. Old Mutual already provides unsecured lending to customers and, says CEO Iain Williamson, the division “is a strong contributor to profitability”. ..
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