OM Bank gains momentum in South Africa
Old Mutual has highlighted continued progress in the integration of Old Mutual Finance into OM Bank, which remains on schedule for completion by year-end, subject to regulatory approvals.
Staff Writer Old Mutual has highlighted continued progress in the integration of Old Mutual Finance into OM Bank, which remains on schedule for completion by year-end, subject to regulatory approvals. Customer uptake at OM Bank increased sharply, rising from 284,000 at the end of December 2025 to 473,000 in the first quarter of 2026. Retail deposits also nearly doubled, reaching R541 million from R272 million, driven by higher savings activity and the migration of money accounts.
The group said it will continue rolling out OM Bank’s value proposition and focus on increasing transactional activity. Old Mutual said its performance in the first quarter of 2026 remained broadly stable, despite a more challenging global operating environment marked by rising inflation risks, geopolitical tensions and continued pressure on consumer spending. In its voluntary operating update, the group noted that South Africa’s economic outlook remains positive, supported by gradual fiscal improvement and ongoing reforms.
