Old Mutual PLC Sale of Old Mutual's Latin American businesses (9193H)
March 16 2018 - 2:00AM
UK Regulatory
TIDMOML
RNS Number : 9193H
Old Mutual PLC
16 March 2018
Old Mutual plc
Ref 144/18
16 March 2018
sale of Old Mutual's latin american businesses
Old Mutual plc ("Old Mutual") today announces that it has agreed
to sell its Latin American businesses to CMIG International, a
financial holding company based in Singapore. The transaction is
subject to usual regulatory approvals and customary closing
conditions.
The Latin American businesses are: Old Mutual Colombia, a
pensions, life insurance, mutual funds, and stock brokerage
business; Old Mutual Mexico, a life insurance and mutual funds
business; and Aiva, an investment advisor and a distribution
platform for independent financial advisers in Latin America.
The decision to sell Old Mutual's Latin American operations
followed a strategic review in which it was concluded that Old
Mutual Emerging Markets should prioritise its sub-Saharan African
businesses.
Proceeds from the sale will be retained for general corporate
purposes by Old Mutual Emerging Markets.
Goldman Sachs and Rothschild acted as joint financial advisers
to Old Mutual in connection with the transaction.
Enquiries
External communications
Patrick Bowes +44 20 7002 7440
Investor relations
Dominic Lagan (Old Mutual plc) +44 20 7002 7190
Nwabisa Piki (Old Mutual Emerging Markets) +27 11 217 1951
Media
William Baldwin-Charles +44 20 7002 7133
+44 7834 524833
Notes to Editors
About Old Mutual plc
Old Mutual plc is a holding company for several financial
services companies. In March 2016, it announced a new strategy of
managed separation entailing the separation of its underlying
businesses into independently-listed, standalone entities.
The managed separation strategy seeks to preserve and release
the value currently trapped within the group structure. The managed
separation will be materially complete by the end of 2018.
OM Asset Management, a US based institutional asset manager, is
now independent from Old Mutual. The remaining underlying
businesses are:
Old Mutual Emerging Markets: Old Mutual Emerging Markets seeks
to become a premium African financial services group that offers a
broad spectrum of financial solutions to retail and corporate
customers across key market segments in 17 countries.
Nedbank: Nedbank ranks as a top-5 bank by capital on the African
continent and Ecobank, in which Nedbank maintains a 21.2%
shareholding, ranks within the top-10 banks by assets on the
African continent.
Old Mutual Wealth: Old Mutual Wealth is a leader in the UK and
in selected offshore markets in wealth management, providing
advice-led investment solutions and investment platforms to over
900,000 customers, principally in the affluent market segment.
For the year ended 31 December 2017, Old Mutual reported an
adjusted operating profit before tax of GBP2.0 billion. For further
information on Old Mutual plc and the underlying businesses, please
visit the corporate website at www.oldmutualplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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