Old Mutual Completes Acquisition of Oceanic Life

RNS Number : 2712X

Old Mutual PLC

06 February 2013

 



Ref 10/13

6 February 2013

Old Mutual completes acquisition of Oceanic Life

Old Mutual announces today that it has completed the acquisition of a majority stake in Oceanic Life, the life assurance operations of the former Oceanic Bank in Nigeria acquired by Ecobank Transnational Incorporated (Ecobank).

Ralph Mupita, CEO of Old Mutual's Emerging Markets business, commented: "We are delighted to have completed the acquisition of this majority stake and we continue to work with Ecobank to expand our product offerings to the Nigerian market. The growth dynamics of the industry are exciting and prospects are good for further development of our business operations in West Africa."

Enquiries

External communications
Patrick Bowes	UK	[phone]
Investor relations
Kelly de Kock	SA	[phone]
Media
William Baldwin-Charles		[phone] [phone]

Notes to Editors

Old Mutual

Old Mutual is an international long-term savings, protection and investment Group.  Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance to more than 12 million customers in Africa, the Americas, Asia and Europe.  Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.

In the year ended 31 December 2011, the Group reported adjusted operating profit before tax of £1.5 billion (on an IFRS basis) and had £267 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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