Old Mutual plans to launch its bank, OM Bank, to the general public later in 2026, marking its entry into the South African banking market. The group, primarily active in insurance, aims to expand its operations and strengthen its relationship with customers through an integrated offering of financial services.
The insurance giant will thus join a South African banking sector dominated by Absa, Standard Bank, Nedbank, and FirstRand, which recorded combined profits of 152 billion rand (approximately USD 9 billion) in 2025.
CEO Jurie Strydom stated that the bank is not only aiming for diversification but also for strengthening customer relationships and long-term growth. According to him, OM Bank will serve as a platform to distribute the group’s full range of products and increase loyalty in a highly competitive market.
Old Mutual plans to leverage its customer base to accelerate its growth and develop an offering combining banking services and insurance products. The group claims to have over 284,000 clients and 272 million rand in collected deposits.
The launch comes at a time when several financial groups in South Africa are developing integrated models, including Discovery with Discovery Bank and Sanlam in partnership with GoTyme Bank.
The group indicates that the bank will also serve as a distribution platform for its products and help strengthen customer loyalty in a competitive market.
