The group announced that it has applied for a banking licence. It plans to launch its first bank account in the second half of 2024. It expects the new bank to breakeven in just three years.
Old Mutual previously owned a majority shareholding in Nedbank, one of South Africa’s biggest banks since 1986, which was unbunded to Old Mutual shareholders in 2018.
Could this be regret? Nedbank’s market capitalization today is more than double that of Old Mutual.
On the other hand, Capitec Bank has confirmed that it is entering the insurance market with their life assurance license approval last month.
At the time of going to press, Old Mutual’s share price on the JSE was R11.35 per share, with Capitec Bank at R2018.07 per share and NedBank Limited at R226.82
You can purchase shares (or fractions of shares) online with the cheapest platform in Africa, Easy Equities.
