Old Mutual to Open New South African Bank in 2025 [BNN Bloomberg (Canada)]
MTN GROUP LTD S/ADR (MTNOY)
NASDAQ:AMEX Investor Relations:
investors.vailresorts.com/investor-relations
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Source: BNN Bloomberg
The continent's largest insurer by assets has developed the bank's core functions within a previously allocated budget of 1.75 billion rand ($99.5 million), and the board approved an additional 800 million rand to carry the project through to its official launch. Old Mutual announced its timeline in a statement Thursday, where it said first-half profit rose 20% to 5.24 billion rand. The bank, whose name Old Mutual has yet to disclose, will primarily target affluent customers. Competition is intensifying in the industry with the entry of digital lenders as well as the rapid growth of fintech units of telecom companies such as MTN Group Ltd., which provide mobile-banking services. Rival Discovery Ltd. started its bank in 2019 and has yet to turn profitable. Old Mutual has received approvals from the Prudential Authority, certifying that its systems are fully operational. The insurer has also appointed Clarence Nethengwe as the CEO-designate of the bank, effective Nov. 1. The va
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