Old Mutual Group reports strong earnings, unveils Bank strategy

OM Bank, which opened to staff in the first half of 2025, will leverage the 180-year-old group's existing banking capabilities that includes R1.5 billion in deposits, R15.5bn in lending operations, a 346-branch network, an in-branch advisor force, and some 400,000 money account customers, the new CEO, Jurie Strydom, said on Wednesday.

- EDWARD WEST

“This allows us to expand relationships with our Mass and Foundation customers while attracting new customers through a compelling banking proposition,” he said at the release of the group results for the six months to June 30. Some R1.6bn would be allocated to cover the bank’s likely capital needs for 2026.

OM Bank will form the basis of one of four key focus areas for the group that has been identified by Strydom, who became CEO effective June 1, 2025. The other three areas are to drive the competitiveness of the South African business, deepen market leadership in Southern Africa, and evaluate and pivot on growth markets.