Completion of Bankhall sale

RNS Number : 9003A

Old Mutual PLC

16 October 2009

 



Ref 73/09

COMPLETION OF BANKHALL SALE

Old Mutual plc announces that its UK subsidiary Skandia UK Holdings Limited has completed the sale of the Bankhall Group (consisting of Bankhall Investment Management Limited, IFA Engine Limited, Portfolio Member Services (Holdings) Limited and their respective subsidiaries) to Sesame Group Limited, a subsidiary of Friends Provident plc. The transaction is part of Old Mutual's continuing commitment to streamline its operations. The total gross assets disposed of are £11.8m.

For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com 

Enquiries

Investor Relations
Patrick Bowes	UK	[phone]
Deward Serfontein	SA	[phone]
Media
Matthew Gregorowski	UK / SA	[phone]
		[phone]
Don Hunter (Finsbury)	UK	[phone]

Notes to Editors

Bankhall Group

In the year ended 31 December 2008 the turnover of the Bankhall Group of companies was £16.8m.

At the 2008 year end the Bankhall Group employed 224 people.

Old Mutual

Old Mutual plc is a leading international long-term savings Group.  Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance in Europe, the Americas, Africa and Asia.  Old Mutual plc is listed on the London Stock Exchange and the JSE, among others.

In the year ended 31 December 2008, the Group reported adjusted operating profit of £1.0 billion (on an IFRS basis) and had £265 billion of funds under management at the year end. The Group has approximately 57,000 employees.

 

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