12th Nov 2013 09:57
LONDON (Alliance News) - Old Mutual PLC Tuesday said it has agreed terms to sell Skandia Poland to Vienna Insurance Group, in a move that it said will help simplify its wealth-management operations in Europea and increase focus on its core growth markets.
The sale of Skandia Poland, part of Old Mutual Wealth, for an undisclosed sum, is expected to take approximately six months to complete, Old Mutual said, as the parties need approval from regulators.
Skandia Poland had EUR414 million in funds under management as of September 30.
Old Mutual shares were Tuesday quoted at 198.80 pence, down 0.4%.
By Samuel Agini; [email protected]; @samuelagini
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