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Old Mutual Granted Approval to Establish New Bank in South Africa South Africa's second-largest insurer, Old Mutual, has received approval from the country's Prudential Authority (PA) to establish a new bank, subject to certain licensing conditions. The PA, which falls under the South African Reserve Bank, has granted Old Mutual the necessary section 16 approval to set up the new bank, which will be called OM Bank. This approval marks a significant milestone for Old Mutual as it transitions from the "bank build mode" into a rigorous industry testing phase. Once OM Bank successfully completes the testing phase and integrates into the National Payments System, it will be poised to launch and compete in South Africa's mass retail banking market. This market is currently dominated by Capitec, which has over 21 million customers. Old Mutual CEO Iain Williamson expressed the company's excitement about the regulatory approval, stating that it "affirms our progress in building the integrated financial services business of the future." The insurer has already invested R1.75 billion to build OM Bank's core banking system and has committed an additional R800 million to further develop the new lender ahead of its planned public launch before the end of 2024. OM Bank will initially target Old Mutual's existing customer base of 3.1 million individuals served through its Mass and Foundation business cluster, which caters to low-income and lower-middle-income earners. Williamson described these customers, which include salaried workers such as........... Continue Reading : https://lnkd.in/eks7J8ht

From this first quarter of 2024, the Group’s activities will be reported under five global businesses, further aligning the bank’s operating model to our strategy and simplifying our business. Under the model, the bank’s activities will be consolidated from 2024 under: - Retail & Commercial Banking: a new business area with all the bank’s retail and business banking globally. - Digital Consumer Bank: consumer finance activity worldwide. - Payments: PagoNxt and Global Cards. - Corporate & Investment Banking (Santander CIB). - Wealth Management & Insurance Group Santander’s consolidated financial figures and medium-term targets remain unchanged. https://lnkd.in/djMy2RfW PagoNxt (a Santander company) Santander Corporate & Investment Banking Santander Wealth Management & Insurance

BNP Paribas Signs an Agreement With HSBC for the Acquisition of Their Private Banking Activities in Germany “This acquisition is a new crucial step in positioning BNP Paribas Wealth Management among the leading players in Germany, where we believe our model is best suited to serve the long-term needs of entrepreneurial clients, leveraging on the strong franchises of the Group to both address their personal and corporate needs. It will therefore contribute to consolidate our position as the first Wealth Management player in the Eurozone,” comments Vincent Lecomte, CEO of BNP Paribas Wealth Management. https://lnkd.in/ehYBYzuu Lutz Diederichs Thomas ALEXANDRE Anita Riley Rebecca Rabbitts Rebekah Pethick Lee Haines Julia González Mauricio Alex Tromp #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

The Govt wants Kiwibank to be "more competitive" and the initial idea is to look "...at options for raising new capital for Kiwibank to allow it to exert "real competitive pressure" on the four big Australian-owned banks operating in New Zealand." (aka privatisation -partially?) In the meantime, Kiwibank's OWNER -the NZ Govt (aka NZ people) keeps banking with an Australian bank https://lnkd.in/gfDUKV3g In 2023 NZ Govt renewed its agreement with Westpac NZ (who) "...is excited to be working with the NZ Government to meet the evolving payments needs of New Zealanders, after signing a new agreement as its main banking partner. The agreement will see Westpac provide transactional banking services to the Crown and 39 core agencies through to 2027." Kiwibank was established in 2001. Imagine if since 2001 it started gradually to provide "transactional banking services to the Crown and 39 core agencies" for the past 23 years... Consider the IRD banking with Kiwibank instead of Westpac Can anyone explain this -strategically? Is there at least one study that quantified the investment required to bring Kiwibank up to speed with the IRD (e.g. when IRD updated its IT systems a few years ago) and which was the cost-effective decision (if any?) Why NZ doesn't have long-term faith on its own financial institutions? Or Kiwibank was created only for "some kiwis" but hasn't been good enough for its own owner? Bernard Hickey, Brad Olsen JP, Ralph Shale, Blair Harrison, David Downs, Nicola Willis MP, Christopher Bishop, Sam Stubbs, David ten Have

Allica Bank reports first profitable year. SME challenger bank Allica has achieved its first full year of profit just three years since opening its doors to lending. Allica, which offers a portfolio of lending, savings and investment products to SMEs typically neglected by larger banks, reported full year revenues up 141% on 2022 at £191 million. The digital-only lending startup moved into profitability in June 2022 having reached £1 billion of lending and migration of 2000 new customers from AIB. Since then the bank has doubled total lending to £2 billion, achieving a pre-tax profit of £16.1 million for FY23. Richard Davies, Allica Bank CEO and former executive at HSBC and Revolut, comments: “Recording our first full year profit just three years after opening our doors for lending on the eve of the covid lockdown was a true milestone in challenging market conditions, and one we’re very proud to have achieved." Source: https://lnkd.in/ePdq93U2 #banking #bank #digitalbanking #smes #businessbanking #challengerbank #bankingindustry #financialtechnology #financialservices #futureofbanking

Banking, Financial Services And Insurance Industry Analysis - 2030 The Banking, Financial Services, and Insurance (BFSI) market is a significant segment of global financial markets, valued at over $22 trillion in 2023, with a projected CAGR of 6.3% through 2028. This sector encompasses a wide range of financial institutions, including retail and commercial banks, insurance companies, credit unions, and asset management firms. The growth is driven by digital transformation, fintech innovations, and a rising demand for personalized financial services. BFSI firms are leveraging AI and blockchain to enhance customer experience and security. North America and Europe lead the market, with Asia-Pacific showing rapid expansion due to increased digitization and financial inclusion. Top Companies in Banking, Financial Services And Insurance Industry ➢ @WinSouth Credit Union ➢ Farsight AI ➢ USU Credit Union ➢ LifeStore Bank ➢ Essex Savings Bank ➢ Lake Forest Bank & Trust ➢ First Abu Dhabi Bank (FAB) ➢ Columbia Capital Management, LLC ➢ BOSS Technologies ➢ Talentor in India ➢ Taunton Federal Credit Union ➢ Trustmarq Global Services ➢ Amalgam Rx ➢ People's United Bank, N.A. ➢ Tidemark Federal Credit Union ➢ @Beverly Bank & Trust Company ➢ @Sharma Wealth Management | Manulife Wealth ➢ Georgia Federal Credit Union ➢ Shapiro Sher Guinot & Sandler ➢ MAPS Financial ➢ Rand Thompson Consultants ➢ Cabot Lodge Securities ➢ Barbados Stock Exchange Inc. ➢ First Citizens State Bank ➢ EKB | Edwards, Kenny & Bray LLP ➢ AmeriCU Mortgage ➢ Cross Keys Bank ➢ InFirst Bank ➢ Village Bank & Trust ➢ Priority Trust Credit Union ➢ MGI Financial ➢ HomeTown Bank, N.A. ➢ Dickinson, Bradshaw, Fowler & Hagen, P.C. ➢ Lake Street Advisors ➢ Current TEK Solutions ➢ Heritage Community Credit Union ➢ Rapidio ➢ ResourceX, Inc ➢ Profinium ➢ Banking, Financial Services and Insurance Industry Insights | DataIntelo #Banking #FinancialServices #Insurance #Fintech #BankingIndustry #InsuranceIndustry #Finance #DigitalBanking #WealthManagement #FinancialInclusion #InvestmentBanking #InsuranceTech #RiskManagement #AssetManagement #Payments #CreditUnions #RegTech #InsurTech #BankingTechnology #FinancialAdvisor

Learn how Itaú Private Bank is driving innovation in private banking, both locally and internationally, in our latest feature at Agência Estado. Our CEO, Percy Moreira, was invited to share insights into our strategic approach to serving our clients internationally in order to meet their evolving needs as foreign banks withdraw from Brazil's private banking sector and Brazilian wealth increasingly migrates overseas. Itaú stands as an ally for Latin American clients investing abroad, providing them with tailored solutions and a holistic view that allows us to anticipate and address specific financial needs, offering them the tools and resources necessary to navigate in a global landscape. Find out how we are reshaping private banking; read the full article below. 👇 #Banking #PrivateBanking #WealthManagement 

🚀 Santander Ups Profitability Targets 🎯 Following a record-breaking quarter, Santander is setting new, ambitious profitability goals. Check out the latest news:- https://lnkd.in/gsz-AHv7 #Finance #Banking #Santander #Profitability #BusinessGrowth

Fino adds to its strength by bringing on two new independent directors - Anita Pai and Neeta Mukerji for the next phase of digital-led growth. Read the full article here! https://lnkd.in/dWmV7exm #FinoPaymentsBank #FikarNot #FinoBanker #DigitalBanking #SecureBanking #DigitalGrowth

BNP Paribas Signs an Agreement with HSBC for the Acquisition of Their Private Banking Activities in Germany Read more: https://lnkd.in/duPMwnQ9 #BNPParibas #HSBC #PrivateBanking #Germany #BankingAcquisition #FinancialServices #WealthManagement #FintechNews #TechInFinance #finance #fintech #FinancialIT