Update on acquisition of majority stake in Faulu

RNS Number : 7427U

Old Mutual PLC

05 December 2013

 



Old Mutual plc

Ref 95/13

5 December 2013

Old Mutual Africa - Update on acquisition of majority stake in faulu kenya

Old Mutual today announces that its acquisition of a majority stake in Faulu Kenya DTM LTD ("Faulu") has received the final required regulatory approvals from the Financial Services Board (FSB) of South Africa and the Central Bank of Kenya.

Ralph Mupita, CEO of Old Mutual Emerging Markets, commented: "With its wide distribution network across Kenya and the similarity in its customer base to Old Mutual's Mass Foundation business in South Africa, this partnership with Faulu represents a significant further opportunity for the development of our business across East Africa."

Enquiries

External communications

Patrick Bowes                           UK        [phone]

Investor relations

Dominic Lagan                           UK        [phone]

Kelly de Kock                            SA        [phone]

Media

William Baldwin-Charles                         [phone]

                                                            [phone]

Notes to Editors

Old Mutual provides life assurance, asset management, banking and general insurance to more than 14 million customers in Africa, the Americas, Asia and Europe. Originating in South Africa in 1845, Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.

In the year ended 31 December 2012, the Group reported adjusted operating profit before tax of £1.6 billion (on an IFRS basis) and had £262 billion of funds under management from core operations.

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

 

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