Old Mutual and the Ecobank Group, the leading pan-African banking group with a presence in 33 African countries, announce today that Old Mutual has completed the acquisition of a majority stake in Oceanic Life, the life assurance operations of the former Oceanic Bank in Nigeria acquired by Ecobank. This will result in a name change from Oceanic Life Limited to Old Mutual Nigeria.
Ralph Mupita, CEO of Old Mutual's Emerging Markets business, said: "We are delighted to have completed the acquisition of this majority stake and we continue to work with Ecobank to expand our product offerings to the Nigerian market. The growth dynamics of the industry are exciting and prospects are good for further development of our business operations in West Africa."
Also commenting, Ecobank CEO, Thierry Tanoh said: "This is a welcome development, as Old Mutual is renowned as one of the finest insurance providers in Africa. Ecobank Group would rather concentrate in its core area, which is banking, and leave insurance business for the experts, which Old Mutual represents. Ecobank will remain a minority shareholder in Old Mutual Nigeria."
Notes to Editors
Old Mutual is an international long-term savings, protection and investment Group. Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance to more than 12 million customers in Africa, the Americas, Asia and Europe. Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.
In the year ended 31 December 2011, the Group reported adjusted operating profit before tax of £1.5 billion (on an IFRS basis) and had £267 billion of funds under management from core operations.
For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com
About Ecobank Group
Incorporated in Lomé, Togo, Ecobank Transnational
Incorporated is the parent company of the leading independent pan-African banking group. It currently has a presence in 33 African countries, namely: Angola, Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo (Brazzaville), Congo (Democratic Republic), Côte d'Ivoire, Equatorial Guinea, Gabon, Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, Liberia, Malawi, Mali, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, South Africa, Tanzania, Togo, Uganda, Zambia, Zimbabwe.
The Group is also represented in France through its affiliate EBI S.A. in Paris. Ecobank also has representative offices in Beijing, China, Dubai, United Arab Emirates and London, UK. Ecobank is listed on the stock exchanges in Lagos, Accra and the West African Economic and Monetary Union (UEMOA) – the BRVM in Abidjan. The Group has more than 600,000 local and international institutional and individual shareholders. The Group has 18,321 employees in 37 countries and 1,200 branches and offices.
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