{"id":830715,"date":"2025-07-07T16:22:14","date_gmt":"2025-07-07T14:22:14","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=830715"},"modified":"2025-07-07T16:22:19","modified_gmt":"2025-07-07T14:22:19","slug":"big-management-changes-at-old-mutual-with-its-new-bank-coming-this-year","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/830715\/big-management-changes-at-old-mutual-with-its-new-bank-coming-this-year\/","title":{"rendered":"Big management changes at Old Mutual – with its new bank coming this year"},"content":{"rendered":"\n

Old Mutual has announced that OM Bank CEO Clarence Nethengwe will take over new responsibilities, while Prabashini Moodley will become the CEO of the new Life and Savings segment.<\/p>\n\n\n\n

Under the shift, Old Mutual Finance and Old Mutual Transaction Services will now be under Nethengwe’s executive oversight.<\/p>\n\n\n\n

Recently appointed Group CEO Jurie Strydom said the moves form a strategic step in Old Mutual’s banking operations in South Africa, asd it prepares for the launch of OM Bank.<\/p>\n\n\n\n

OM Bank is set to launch its national rollout in Q4 2025 following several delays.<\/p>\n\n\n\n

Between 2022 and 2024, Old Mutual spent a combined R2.8 billion to build the bank and secure a deposit-taking retail banking license.<\/p>\n\n\n\n

The group expects the bank to run at an initial loss rate of R1.1 billion to R1.3 billion and break even in 2028.<\/p>\n\n\n\n

Nethengwe was previously the managing director for the group’s Mass and Foundation Cluster. <\/p>\n\n\n\n

At the same time, the bank’s chair, Nomkhita Nqweni, previously worked as an independent non-executive director of the broader group.<\/p>\n\n\n\n

The new digital bank will focus on the mass market cluster, an area dominated by Capitec. The cluster also features competition from African Bank and digital finance group TymeBank.<\/p>\n\n\n\n

Changes to the Life and Savings segment<\/h2>\n\n\n
\n
\"\"<\/a><\/figure><\/div>\n\n\n

In addition to the new roles for Nethengwe, the group also announced that Prabashini Moodley will be the CEO of the newly configured Life and Savings segment, effective 1 August 2025.<\/p>\n\n\n\n

Moodley will report to Strydom, with the new segment consisting of four businesses:<\/p>\n\n\n\n

    \n
  • Personal Finance,<\/li>\n\n\n\n
  • Old Mutual Wealth Management,<\/li>\n\n\n\n
  • Old Mutual Corporate, and<\/li>\n\n\n\n
  • The Mass and Foundation Cluster (MFC) – excluding banking.<\/li>\n<\/ul>\n\n\n\n

    The managing directors of these business units will all report to Moodley.<\/p>\n\n\n\n

    The group believes that the new segment will enable more effective delivery to customers and intermediaries, while offering the benefits of scale efficiencies.<\/p>\n\n\n\n

    Moodley previously served as the managing director of Old Mutual Corporate and has been at the group since 2002, and qualified as an actuary shortly thereafter.<\/p>\n\n\n\n

    She also holds a Global Executive MBA from IESE Business School, and has served in various roles across Personal Finance, Old Mutual Investment Group and MFC, four of which were as MFC’s CFO.<\/p>\n\n\n\n

    Her international experience included working at Skandia M\u00e9xico, where she established and led a customer segment business.<\/p>\n\n\n\n

    “I am confident that Prabashini will bring the clarity, energy, and accountability needed to lead her team and create value across these business units,” said Strydom.
    <\/p>\n","protected":false},"excerpt":{"rendered":"

    Old Mutual has announced new roles for its bank’s CEO, while also creating a new Life and Savings segment. <\/p>\n","protected":false},"author":95,"featured_media":792369,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[4762,1798,1110,20634,13474],"class_list":["post-830715","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-african-bank","tag-capitec","tag-old-mutual","tag-om-bank","tag-tyme-bank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/830715","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=830715"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/830715\/revisions"}],"predecessor-version":[{"id":830724,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/830715\/revisions\/830724"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/792369"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=830715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=830715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=830715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}