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Johannesburg - Long-term savings, protection and investment group Old Mutual [JSE:OML] on Wednesday announced that it has agreed terms to sell the Finnish branch of Skandia Life Assurance Company to OP-Pohjola osk.
As at September 30, the Finnish branch had gross assets totalling €1.3bn. The transaction is part of Old Mutual's commitment to streamlining its business.
Old Mutual said that net proceeds after tax would be applied to reduce debt in accordance with the group's stated debt reduction target.
The transaction is subject to regulatory approvals and other customary conditions, and is anticipated to close by the end of Q2 2012.
OP-Pohjola Group is a Finnish financial services company providing a unique range of banking, investment and insurance services.
As at September 30, the Finnish branch had gross assets totalling €1.3bn. The transaction is part of Old Mutual's commitment to streamlining its business.
Old Mutual said that net proceeds after tax would be applied to reduce debt in accordance with the group's stated debt reduction target.
The transaction is subject to regulatory approvals and other customary conditions, and is anticipated to close by the end of Q2 2012.
OP-Pohjola Group is a Finnish financial services company providing a unique range of banking, investment and insurance services.
