OLD MUTUAL LIMITED - Old Mutual has Received Section 17 Approval to Establish a Bank

Old Mutual has Received Section 17 Approval to Establish a Bank

Old Mutual Limited
Incorporated in the Republic of South Africa
Registration number: 2017/235138/06
ISIN: ZAE000255360
LEI: 213800MON84ZWWPQCN47
JSE Share Code: OMU
LSE Share Code: OMU
NSX Share Code: OMM
MSE Share Code: OMU
ZSE Share Code: OMU


("Old Mutual" or "Group")


Ref: 53/24


19 April 2024


OLD MUTUAL HAS RECEIVED SECTION 17 APPROVAL TO ESTABLISH A BANK

Old Mutual is pleased to announce that, following a stringent regulatory review of its application in terms of
Section 16 of the Banks Act 94 of 1990, as amended ("Banks Act"), the Prudential Authority has granted the
Group approval to establish a bank subject to certain licence conditions.

This approval, in terms of Section 17 of the Banks Act, allows Old Mutual to proceed to the next critical stage
in the process of establishing a bank. The Group will now formally transition from 'bank build mode' and
enter into a strict and rigorous industry testing phase with selected bank partners. Upon a successful error-
free testing, the new OM Bank will fully integrate into the National Payments System.

"The approval to establish a Bank is a material catalyst in our strategic delivery journey. It accelerates the
fulfilment of our strategic choice to build an Integrated Financial Services business and further strengthens
our victory condition to be our customers' first choice to sustain, grow and protect their prosperity" said Iain
Williamson, the Group Chief Executive Officer.


Sandton



Johannesburg Stock Exchange                    Tamela Holdings (Pty) Ltd
Malawi Stock Exchange                          Stockbrokers Malawi Limited
Namibia Stock Exchange                         PSG Wealth Management (Namibia) Proprietary Limited
Zimbabwe Stock Exchange                        Imara Capital Zimbabwe plc




Enquiries
Investor Relations
Langa Manqele                                  M: +27 82 295 9840
Head of Investor Relations                     E: investorrelations@oldmutual.com
Communications
Wendy Tlou                                   M: +27 83 301 9663
Interim Chief Communication Officer          E: oldmutualnews@oldmutual.com




Notes to Editors


About Old Mutual Limited
Old Mutual is a premium African financial services group that offers a broad spectrum of financial solutions
to retail and corporate customers across key market segments in 14 countries. Old Mutual's primary
operations are in Africa, and it has a niche business in Asia. With over 178 years of heritage across sub-
Saharan Africa, Old Mutual is a crucial part of the communities it serves as well as broader society on the
continent.
For further information on Old Mutual and its underlying businesses, please visit the corporate website at
www.oldmutual.com.

Date: 19-04-2024 07:05:00
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