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Old mutual to Launch Major New Bank in South Africa in 2024
Old Mutual is making significant strides in the financial sector by preparing to launch major new bank in South Africa in 2024. This venture is set to mark a substantial entry into the banking industry. The plan is to initiate a soft launch for “friends and family” before making the substantial R2 billion project available to the general public.
The group has set Its sights on the second half of 2024 for the official launch of this new bank. According to Old Mutual, this banking initiative is a fundamental aspect of its integrated financial services ecosystem. By introducing transactional banking capabilities, the company aims to enhance its capacity for regular interactions with customers and initiate partnerships at an earlier stage in their financial journeys.
Construction cost for the this Major New Bank
The company has already allocated R1.2 billion of the approved R1.75 billion expenditure designated for this purpose. Recently, Old Mutual submitted its Section 16 application to the Prudential Authority and is currently awaiting feedback. As of now, the progress of the bank platform’s construction is advancing at an encouraging pace.
Upon receiving Section 17 approval from the regulator, the subsequent phases will include connecting to the payments system and conducting integration testing. This will culminate in a soft launch of the bank, initially for “friends and family” before becoming accessible to the wider public.
Old Mutual’s entry into the banking sector is poised to bring a fresh perspective and innovative services to South African customers. The company’s commitment to this venture is evident in its substantial investment and strategic planning, aligning with its vision of a comprehensive financial services ecosystem. It will be interesting to see how Major New Bank which is Set to Launchcontributes to the evolving financial landscape in South Africa. |
