# Old Mutual’s OM Bank, launched in August last year, is on track to sign up one million clients by the end of this month. Old Mutual’s decision to launch the bank renews its rivalry with fellow insurer Sanlam, who received approval to provide transactional banking services in partnership with GoTyme Bank by the first quarter of 2027. OM Bank’s CEO, Clarence Nethengwe, says the biggest driver of them entering the banking sector was the convergence taking place in the market between banks and insurance.
Old Mutual’s OM Bank on track to reach one million clients by end September