New South African bank taps FNB and Standard Bank talent to take on Capitec

OM Bank has picked up two seasoned executives with experience at some of the country’s biggest banks as it gears up for its battle with Capitec in the mass market. 

The appointments of Ethel Nyembe as chief product and innovation officer and Ancley Jacobs as chief growth officer were coupled with several others across Old Mutual’s other operating segments. 

However, the insurer has made it clear that its boldest strategic bet is on the development of its own bank to help it create an integrated financial services provider. 

Nyembe and Jacobs have been charged with building the commercial operations of the bank to help it take on its established competitors. 

Chief among these competitors is Capitec, which Old Mutual knows is a formidable opponent alongside South Africa’s Big Four of FNB, Standard Bank, Absa, and Nedbank. 

OM Bank is predominantly playing in the market segment where Capitec dominates, aiming to win over clients with salaries between R5,000 and R80,000 per month.

The bank is set to have its public launch later this year, with it currently focusing on transferring across Money Account holders and expanding its product offering. 

In Old Mutual’s voluntary update for the first quarter of 2026, it revealed that OM Bank’s client base nearly doubled in three months to 473,000, and deposits rose to R541 million. 

Following the public launch, the bank is expected to significantly ramp up growth in its client base and increase transactional activity, from which it expects to generate much of its revenue. 

Nyembe and Jacobs are expected to bring the potential growth of OM Bank into reality, with Old Mutual having lofty targets for this offering. 

They will also be expected to broaden the product offering of the bank and increase the potential of cross-selling Old Mutual’s insurance and investment products into the banking client base. 

Both come with significant banking experience. Nyembe spent over two decades at FNB and Standard Bank, leading their product and payment innovation. 

“At OM Bank, she will lead the work of building a digitally native, customer-first product suite that can differentiate the bank in a crowded market,” Old Mutual said in a statement. 

Jacobs also worked at Standard Bank before joining OM Bank, leading the Big Blue’s product strategy for South Africa. He also spent 16 years at FNB, where he served as retail transactional banking CEO. 

“He now takes ownership of Marketing, Retail Sales, Strategic Partnerships, Home Loans and Business Banking at OM Bank,” Old Mutual said. 

“His appointment is a clear message that Old Mutual intends to compete and win in the banking space.” 

Executive reshuffle

The appointment of Nyembe and Jacobs at OM Bank was coupled with a flurry of activity at Old Mutual’s other operating units. 

“Old Mutual is entering a new phase defined by refreshed strategic priorities and focused execution,” the insurer said. 

This is part of CEO Jurie Strydom’s efforts to rejuvenate the insurance giant, which has stagnated in recent years relative to its competitors. 

Strydom has spearheaded the rollout of its banking offering, the acquisition of 10X Investments, and is working his way through the company’s sprawling African operations. 

The company said the appointment of the new executives aims to build deeper bench strength at Old Mutual to enable the company to compete more effectively and deliver more consistently. 

“We are delighted to attract external talent with proven expertise and experience to complement our internal talent pipeline,” Strydom said. 

“These leaders bring the skills, track records and outside-in perspectives that will make a real and immediate difference to our strategic delivery across the Group.” 

The new leaders include Malusi Ndlovu, who has returned to Old Mutual from Absa as the insurer’s managing director for its Mass and Foundation Cluster. 

This cluster is arguably the most important of all at the company, with it being the area where Old Mutual dominates. 

Ndlovu’s appointment coincides with Katherine Barker’s. She is now the proposition executive head after being the founding CEO of Capitec Life. 

Barker built Capitec’s digital life insurance operation from scratch. Now, she is expected to sharpen Old Mutual’s own offering in the space. 

“Her appointment signals a step-change in how the business will design and deliver customer solutions,” Old Mutual said. 

Old Mutual also made a change at its short-term insurance business, appointing Mari Janzen as its chief operating officer. Janzen was previously the Group COO at Hollard Insurance.