Does SA really need another bank?

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Does SA really need another bank?
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If you're Old Mutual, the answer is yes, with a target launch date of 2024. The sceptics are legion.

What do you do when you have R3.5bn in capital lying around? In Old Mutual’s case, it seems that you decide to start a bank .

South Africa’s second-largest listed life insurer said last week it’s applied for a banking licence in a bid to bring its transactional services in-house. Old Mutual already provides unsecured lending to customers and, says CEO Iain Williamson, the division “is a strong contributor to profitability”. ..

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