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Old Mutual break-up: Details will be unveiled soon

Mar 06 2016 20:00
Adiel Ismail

Cape Town - Old Mutual will unveil its strategic review within the next couple of days, following a report on Sky News that it is drafting a plan to split itself up into four standalone companies.

These will consist of Nedbank; its UK focused wealth unit; its emerging markets operation based in South Africa; and its institutional asset management business, the news network revealed.

Nedbank, which is the smallest of the big four SA banks, may find some interest from others, Economists.co.za chief economist Mike Schussler told Fin24.

"I think the bank is a good bank, but the feeling is that they have not done enough in Africa. But all in all they would be an easier target than Barclays Africa which is much much bigger," he said.

Old Mutual Wealth is reportedly already being eyed by two buyout firms - Cinven and Warburg Pincus -  for a multibillion pound joint cash offer.

"We can confirm that all options for the strategic review are being considered but no decision has yet been made," Old Mutual said in a statement.

"Old Mutual is due to announce its preliminary results for 2015 on 11 March 2016 and will provide an update on the strategic review at that time," it noted.

The financial services group pointed out that it announced in November 2015, when Bruce Hemphill took over as chief executive, that they would be conducting a strategic review.

At the time of his appointment Hemphill said that he looked forward "to leading the executive team and the Group in the next stage of its development".

Old Mutual, which originated in South Africa in 1845, provides investment, savings, insurance and banking services to more than 17 million customers in Africa, the Americas, Asia and Europe.

nedbank  |  old mutual


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