Old Mutual Ltd. expects to launch a bank in the second half of 2024, after receiving approval from South Africa’s central bank to apply for a banking license.
The Johannesburg-based firm said it had “received Section 13 approval from the Prudential Authority to proceed with the application for a banking license,” according to a statement Tuesday. It is currently working on its application to register the bank.
The entity is expected to break-even three years after launch, according to the statement. The firm spent 830 million rand ($48 million) on the project in the current period with a total spend of 1.75 billion rand approved for the project.