NEDBANK BUY-OUT OF IMPERIAL B

RNS Number : 4453X

Old Mutual PLC

14 August 2009

 



Ref 61/09

14 August 2009

Old Mutual plc

Nedbank BUY-OUT of IMPERIAL BANK JOINT VENTURE

Nedbank Group Limited, the 55%-owned South African banking subsidiary of Old Mutual, has today announced that it has agreed to buy out the interest of Imperial Holdings Limited in their joint venture, Imperial Bank Limited.

The consideration for the purchase amounts to R1,775 million, of which approximately 80 per cent will be settled in Nedbank ordinary shares and the balance in cash.

The full text of the announcement is available on Nedbank's website www.nedbank.co.za

For further information on Old Mutual plc, please visit our 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

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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