Old Mutual launches OM Bank to challenge South Africa’s big four lenders

The convergence of insurance and banking in South Africa has prompted Old Mutual , Africa’s largest insurer by assets, to launch its own lending unit, OM Bank . The strategic move is designed to defend the group’s market share and capture retail deposits as traditional banks increasingly encroach on the insurance sector. OM Bank faces a highly saturated landscape where 81% of the South African population already holds a bank account.