OLD MUTUAL PLC - Old Mutual furthers African Expansion with Acquisition in Kenya

Old Mutual furthers African Expansion with Acquisition in Kenya

       OLD MUTUAL PLC
       ISIN CODE: GB0007389926
       ISSUER CODE: OLOML
       JSE SHARE CODE: OML
       NSX SHARE CODE: OLM


       Old Mutual plc
       Ref 58/13
       3 July 2013


                                             WITH
       OLD MUTUAL FURTHERS AFRICAN EXPANSION WITH ACQUISITION IN KENYA
       Old Mutual plc (“Old Mutual” or “the Group”) announces that its Emerging Markets business is to enter
       into a strategic partnership with Faulu Kenya DTM LTD (“Faulu”) through the acquisition of a
       controlling stake in this business
       Faulu was the first Deposit Taking Microfinance company to be licensed by the Central Bank of Kenya
       and is the second largest in East Africa with more than 400,000 customers. Faulu has a wide
       distribution network across Kenya with over 100 outlets, and serves a similar demographi to Old
       Mutual’s Mass Foundation business in South Africa with a broad range of financial services products.
       The transaction is conditional on the relevant regulatory approvals being obtained and is expected to
       complete by the end of 2013. The consideration for the transaction will form part of the R5 billion
       previously identified by Old Mutual as being available for expansion into Africa
                                                              
       Ralph Mupita, Chief Executive of Old Mutual Emerging Markets, said “I am delighted that we have
       agreed this partnership with Faulu. We continue to see further opportunities for the development of
       our business across East Africa.”
       
       Julian Roberts, Group Chief Executive commented: “We are building on our existing business in
       Kenya with a significant extension of our distribution and product offering through this transaction.
       This is a further step in executing our strategy of expanding our African footprint.”


       Enquiries
       External communications
       Patrick Bowes                    UK      +44 20 7002 7440
       Investor relations
       Dominic Lagan                    UK      +44 20 7002 7190
       Kelly de Kock                    SA      +27 21 509 8709

       Media
       William Baldwin-Charles                  +44 20 7002 7133
                                                +44 7834 524833
       Lead sponsor:
       Merrill Lynch South Africa (Pty) Ltd


       Joint Sponsor:
       Nedbank Capital




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       Notes to Editors
       Old Mutual provides life assurance, asset management, banking and general insurance to more than
       14 million customers in Africa, the Americas, Asia and Europe. Originating in South Africa in 1845,
       Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since
       1999.
       In the year ended 31 December 2012, the Group reported adjusted operating profit before tax of £1.6
       billion (on an IFRS basis) and had £262 billion of funds under management from core operations.
       For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com
                                       ,
       For further information on Faulu, please visit the corporate website at www.faulukenya.com




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