14th Aug 2009 09:50
Ref 61/09
14 August 2009
Old Mutual plc
Nedbank BUY-OUT of IMPERIAL BANK JOINT VENTURE
Nedbank Group Limited, the 55%-owned South African banking subsidiary of Old Mutual, has today announced that it has agreed to buy out the interest of Imperial Holdings Limited in their joint venture, Imperial Bank Limited.
The consideration for the purchase amounts to R1,775 million, of which approximately 80 per cent will be settled in Nedbank ordinary shares and the balance in cash.
The full text of the announcement is available on Nedbank's website www.nedbank.co.za
For further information on Old Mutual plc, please visit our corporate website at www.oldmutual.com
Enquiries
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Investor Relations |
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Patrick Bowes |
UK |
+44 (0)20 7002 7440 |
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Deward Serfontein |
SA |
+27 (0)82 810 5672 |
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Media |
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Matthew Gregorowski |
UK / SA |
+44 (0)20 7002 7133 |
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+44 (0)7748 183 834 |
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Don Hunter (Finsbury) |
UK |
+44 (0)20 7251 3801 |
Notes to Editors
Old Mutual
Old Mutual plc is a leading international long-term savings Group. Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance in Europe, the Americas, Africa and Asia. Old Mutual plc is listed on the London Stock Exchange and the JSE, among others.
In the year ended 31 December 2008, the Group reported adjusted operating profit of £1.0 billion (on an IFRS basis) and had £265 billion of funds under management at the year end. The Group has approximately 57,000 employees.
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Old Mutual PLC