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The South African giant that sold a bank – then spent R3 billion to launch a new one | SA News

Staff Writer
 ·9 Aug 2025

Old Mutual will soon launch a new bank in South Africa despite having a majority shareholding in one of South Africa’s largest banks, Nedbank, a decade ago. 

OM Bank, which will not carry the Old Mutual name due to regulatory matters, is expected to see a national rollout in Q4 2025 following several delays. 

The bank will operate in the Mass Market cluster, taking on Capitec, African Bank and Tyme Bank. Old Mutual already competes with these players via its micro loan business. 

From 2022 to 2024, Old Mutual spent a…

Concentration of Ownership: A few large media groups dominate the market,
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