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Bruce Hemphill steps down from Nedbank board amid Nedbank-Old Mutual separation

Jun 06 2018 18:15
Lameez Omarjee

Cape Town – Old Mutual [JSE:OML] and Nedbank [JSE:NED] have made a new move in their managed separation strategy, with Bruce Hemphill stepping down from the Nedbank Group board.

This is according to a notice to shareholders issued on Wednesday. According to the notice, Old Mutual Emerging Markets CEO Peter Moyo has been appointed as non-executive director. The changes come into effect on June 11, 2018.

"With MS (management separation) progressing according to plan, Bruce will be stepping down from the boards of the companies with effect from June 11, 2018, and he will be replaced by Peter Moyo, who is the CEO of OML (Old Mutual Limited)," the notice read.

The managed separation strategy was announced in March 2016. Since then, Old Mutual has taken several steps, such as reducing its stake in Nedbank to 19.9%.

The managed separation strategy is expected to be completed by the end of 2018, subject to shareholder approvals.

Old Mutual Limited will be listed on the JSE on June 26, 2018. The group that was previously known as the Old Mutual UK arm will be listed on the London Stock Exchange on June 25 as Quilter. 

The third step involves the proposed unbundling of Nedbank, about six months after the implementation of the first two steps. Subject to certain conditions, Old Mutual intends to distribute 32% of its share capital of Nedbank to its shareholders. Old Mutual will retain its minority stake in Nedbank.

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