Old Mutual Bank, which launched to the public in September, has grand ambitions. It aims to be profitable by 2028 and to do so, it will need between 2.5 million and three million customers, of which around 500 000 will be dormant.
The decision to enter the banking space as a standalone insurer it previously owned a majority stake in Nedbank before the managed separation of the plc entity into four units a decade ago has been a bold one. But will it be the correct one?
To date, it has spent R2.8 billion actually building the bank with nearly R2 billion of this dedicated to the core technology build-out.
