Johannesburg - International long-term savings, protection
and investment group Old Mutual [JSE:OML] has received regulatory approval from
the Swedish Financial Supervisory Authority for the disposal of its Nordic
business to Skandia Liv.
The Nordic business comprises Old Mutual's long-term savings
and banking operations in Sweden, Denmark and Norway. Danish regulatory
approval for the sale was received earlier this month.
"Completion of the disposal now remains conditional
only on approval by Old Mutual shareholders at the general meeting on 14 March
2012. Subject to that approval being given, completion of the sale is expected
to occur on or around 21 March 2012.
"We have today also announced a trading update on the
Nordic business, which confirms that it has continued to benefit from its product
depth and good operational performance," Old Mutual said.
Old Mutual is due to release its annual results for the year
ended December on Friday.