Is Sanlam too late to the bank party?
Use a partnership with GoTyme Bank, given a common shareholder (Patrice Motsepe), to establish a retail credit joint venture as well as transactional banking services and offer these to the existing 10 million-plus Sanlam clients in South Africa.
Banking comes at a cost This investment saw its ‘corporate expenses and other’ increase to R374 million in the first six months, “due to higher business enablement costs in setting up the group’s banking proposition, technology and modernisation initiatives in South Africa”.
This will see Sanlam’s banking offering launch nearly eight years after Discovery Bank (never mind the roughly two years later than rival Old Mutual).
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