Clarence Nethengwe appointed CEO of Old Mutual’s new bank

Clarence Nethengwe has been appointed as OM Bank’s (Old Mutual lender) new CEO effective immediately. 

In a statement, Old Mutual said the bank has received approval from the South African Reserve Bank’s Prudential Authority to appoint its CEO. 

Although the bank has not launched yet, Old Mutual Group CEO Iain Williamson noted the importance of Nethengwe’s role for Old Mutual and consumers, given the board’s vision for the bank.

 “Clarence’s leadership experience serves as a powerful foundation for OM Bank to flourish by prioritising ethical practices, empowering customers and communities, fostering inclusivity and accessibility, and building trust and transparency,” Williamson said. 

Nethengwe has been with Old Mutual for over 15 years

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OM Bank will launch with a select group of clients early this year, ahead of a broader public rollout later in the year. The bank will offer a comprehensive range of personal banking solutions, including transactional accounts, savings, and credit products. 

“Through this transformative, digital-first banking experience, we want to empower ordinary South Africans with transparent, accessible, and fairly priced solutions contributing to their financial wellbeing.

“I see a unique opportunity to bring a fresh perspective to an industry ripe for change,” Nethengwe said.

Previously, Nethengwe built one of Old Mutual’s largest and most successful businesses, the Mass and Foundation Cluster (MFC), which is a division of Old Mutual Emerging Markets and is the first in the market to offer a franchise proposition that meets the needs of customers in the mass market segment in South Africa.

Old Mutual said Nethengwe’s leadership in MFC has been instrumental in driving customer-focused solutions that deliver genuine, meaningful value.

The bank’s business model is based on a digital-first approach, with services primarily offered through the banking app. However, OM Bank will also have branches available for customers who prefer in-person service.

Over the last few months it has been said that OM Bank will be a contender in the digital banking space and rival the likes of Capitec. 

“At OM Bank, everyone will be treated equally because what distinguishes customers is what they want from their bank, not their status or financial muscle,” Nethengwe said.

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