REG - Old Mutual Ltd - Old Mutual has received Section 17 approval

Old MutualAnnouncement

19/04/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240419:nRSS3054La&default-theme=true

RNS Number : 3054L  Old Mutual Limited  19 April 2024

Old Mutual Limited

Incorporated in the Republic of South Africa

Registration number: 2017/235138/06

ISIN: ZAE000255360

LEI: 213800MON84ZWWPQCN47

JSE Share Code: OMU

LSE Share Code: OMU

NSX Share Code: OMM

MSE Share Code: OMU

ZSE Share Code: OMU

 

("Old Mutual" or "Group")

 

Ref: 53/24

 

19 April 2024

 

OLD MUTUAL HAS RECEIVED SECTION 17 APPROVAL TO ESTABLISH A BANK

 

Old Mutual is pleased to announce that, following a stringent regulatory
review of its application in terms of Section 16 of the Banks Act 94 of 1990,
as amended ("Banks Act"), the Prudential Authority has granted the Group
approval to establish a bank subject to certain licence conditions.

 

This approval, in terms of Section 17 of the Banks Act, allows Old Mutual to
proceed to the next critical stage in the process of establishing a bank. The
Group will now formally transition from 'bank build mode' and enter into a
strict and rigorous industry testing phase with selected bank partners. Upon a
successful error-free testing, the new OM Bank will fully integrate into the
National Payments System.

 

"The approval to establish a Bank is a material catalyst in our strategic
delivery journey. It accelerates the fulfilment of our strategic choice to
build an Integrated Financial Services business and further strengthens our
victory condition to be our customers' first choice to sustain, grow and
protect their prosperity" said Iain Williamson, the Group Chief Executive
Officer.

 

Sandton

 

 

 Johannesburg Stock Exchange  Tamela Holdings (Pty) Ltd
 Malawi Stock Exchange        Stockbrokers Malawi Limited
 Namibia Stock Exchange       PSG Wealth Management (Namibia) Proprietary Limited
 Zimbabwe Stock Exchange      Imara Capital Zimbabwe plc

 

 

 

Enquiries

 Investor Relations
 Langa Manqele                             M: +27 82 295 9840

 Head of Investor Relations                E: investorrelations@oldmutual.com

 Communications
 Wendy Tlou                                M: +27 83 301 9663

 Interim Chief Communication Officer       E: oldmutualnews@oldmutual.com

 

Notes to Editors

 

About Old Mutual Limited

Old Mutual is a premium African financial services group that offers a broad
spectrum of financial solutions to retail and corporate customers across key
market segments in 14 countries. Old Mutual's primary operations are in
Africa, and it has a niche business in Asia. With over 178 years of heritage
across sub-Saharan Africa, Old Mutual is a crucial part of the communities it
serves as well as broader society on the continent.

For further information on Old Mutual and its underlying businesses, please
visit the corporate website at www.oldmutual.com (http://www.oldmutual.com) .

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  READZGMDDLGGDZG