Publications
Partners
Johannesburg - Financial services group Old Mutual [JSE:OML] is to expand its African presence through the acquisition of a majority stake in Provident Life Assurance Company‚ based in Ghana‚ it said on Tuesday.
Provident is the fifth largest life company in Ghana and provides life insurance and investment products‚ mainly via an agency force.
The transaction requires relevant regulatory approvals and is expected to complete by the end of 2013.
The consideration for the transaction will form part of the R5bn previously identified by Old Mutual as being available for expansion into Africa‚ it said.
Julian Roberts‚ Group Chief Executive‚ commented: 'This transaction is another important step in our strategy of expanding our emerging markets businesses.”
At 13:25 on the JSE‚ Old Mutual’s share price was steady at R30.45‚ from R30.46 at the previous close
