Old Mutual gets green light from South African Prudential Authority to set up bank

Old Mutual clinched approval from the Prudential Authority to set up a bank subject to specific licence conditions.

That allows Old Mutual to move to the testing phase with selected bank partners, which if successful would see OM Bank integrate into the National Payments System.

The group's boss, Iain Williamson, said that it was the latest move on the path towards building an integrated financial services business.

-- More to follow --