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OLD MUTUAL PLC - Old Mutual Completes Sale of Old Mutual Wealth Italy

Release Date: 09/01/2017 12:30
Code(s): OML     PDF:  
Wrap Text
Old Mutual Completes Sale of Old Mutual Wealth Italy

   OLD MUTUAL PLC
   ISIN CODE: GB00B77J0862
   JSE SHARE CODE: OML
   NSX SHARE CODE: OLM
   ISSUER CODE: OLOMOL
   Old Mutual plc

   Ref 04/17
   9 January 2017


   OLD MUTUAL COMPLETES SALE OF OLD MUTUAL WEALTH ITALY

   Old Mutual plc (“Old Mutual”) today announces that it has completed the sale of Old Mutual Wealth
   Italy (“OMWI”) to Phlavia Investimenti (previously ERGO Italia), owned by Cinven. The transaction
   was announced 9 August 2016.

   As at 31 December 2015, OMWI had €7 billion of funds under management and contributed €22
   million of post-tax earnings for the year ending 31 December 2015. The sale is the final part of the
   divestment of Old Mutual Wealth’s continental European businesses allowing it to focus on its core
   UK and cross border markets. Proceeds will be retained for general corporate purposes.

   Enquiries
   External communications
   Patrick Bowes                       UK       +44 20 7002 7440
   Investor relations
   Dominic Lagan                       UK       +44 20 7002 7190
   Sizwe Ndlovu                        SA       +27 11 217 1163

   Media
   William Baldwin-Charles                      +44 20 7002 7133
                                                +44 7834 524833


   Notes to Editors
   Old Mutual provides investment, savings, insurance and banking services to 18.9 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.

   Old Mutual has announced a strategy of managed separation, which will entail separating its four businesses into
   standalone entities. The four businesses are:

   Old Mutual Emerging Markets: An African financial services leader, providing long-term savings, protection,
   investment and lending to retail and corporate customers

   Nedbank: Old Mutual owns a 54% stake in Nedbank, one of South Africa’s top four banks, providing wholesale
   and retail banking, insurance and asset management for individuals and businesses

   Old Mutual Wealth: a leading wealth management business in the UK and cross-border markets

   OM Asset Management: Old Mutual owns 51% in the New York Stock Exchange listed OM Asset Management
   which offers a diverse range of investment strategies and products for institutions, delivered worldwide through
   seven US-based boutiques.

   For the year ended 31 December 2015, Old Mutual reported an adjusted operating profit before tax of £1.7
   billion and had £304 billion of funds under management. For further information on Old Mutual plc and the
   underlying businesses, please visit the corporate website at www.oldmutual.com

   Sponsor:
   Merrill Lynch South Africa (Pty) Ltd

   Joint Sponsor:
   Nedbank Corporate and Investment Banking



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