23rd Oct 2007 07:30
Old Mutual PLC23 October 2007 Old Mutual plc Ref: 67/07 23 October 2007 SKANDIABANKEN SELLS NORDIC VEHICLE FINANCING BUSINESS SkandiaBanken, Skandia's Nordic banking operation, announces the sale of itsSkandiaBanken Bilfinans business to DnB NOR. The decision to sell the vehiclefinancing business is part of SkandiaBanken's focus on being a market-leadingdirect bank in Sweden and Norway. The total consideration of the transaction isSEK 2.3 billion and is expected to complete in early 2008. SkandiaBanken Bilfinans provides lending and leasing credits in co-operationwith general agents and car dealerships in Sweden and Norway. The business todaycomprises some 115,000 customer contracts and includes an aggregate creditportfolio of approximately SEK 13 billion. Completion of the deal is conditionalupon regulatory approvals in Sweden and Norway. Fredrik Sauter, chief executive of SkandiaBanken, said: "SkandiaBanken is continuing to concentrate on its principal business of bankingand insurance, and on gradually introducing a range of new customer offers. Thedecision to sell the vehicle financing business is in line with this strategy,and we are convinced that it will develop favorably under DnB NOR's ownership,to the benefit of customers and business partners." Julian Roberts, chief executive of Skandia and Old Mutual Director for Europe,said: "This transaction not only represents good value for shareholders but alsoclearly demonstrates Old Mutual's focus on its core business of asset gatheringand asset management." Ends Enquiries MediaJames Crampton Old Mutual +44 (0)20 7002 7133Gunilla Svensson Skandia +46 8 788 42 97 Investor RelationsAleida van Herel UK +44 (0)20 7002 7287Deward Serfontein SA + 27 (0) 21 509 8709 Notes to editors Skandia Skandia, a wholly owned subsidiary of Old Mutual plc, is one of the world'sleading independent providers of quality solutions for long-term savings.Founded in Sweden in 1855, Skandia currently operates in over 20 countries, withthe United Kingdom and Sweden as its largest markets. Skandia UK focuses on long-term savings. It offers unit-linked investmentsthrough an open-architecture 'fund platform' enabling access to a wide range offunds from external managers as well as Skandia's own multi-manager fundsprovided by Skandia Investment Management. Skandia solutions are distributed viaindependent financial advisers only, targeting affluent customers. Investmentsin Skandia are unit-linked, backed by over 900 external funds selected byadvisers and their clients. With over a million customers and £39 billion undermanagement, Skandia is one of the fastest growing UK savings companies. Headquartered in Stockholm, Skandia Nordic, which principally comprises theSwedish business and its mutual subsidiary, Skandia Liv, holds a leadingposition in the Swedish life assurance market measured by new business, with acombined customer base of 1.9 million customers. Skandia has been in the Swedishmarket for over 150 years and its business in Sweden offers a full set offinancial products. It also has a growing unit-linked and life business inDenmark, as well as healthcare. In Norway, it has a successful banking operationand offers healthcare products. Skandia Europe and Latin America has operations in 11 European countries(Germany, Austria, Italy, Spain, Switzerland, Liechtenstein, France, Poland,Portugal, the Czech Republic and Hungary) and three Latin American countries(Colombia, Mexico and Chile). The business focuses on being a market-leadingniche player by providing unit-linked and mutual products throughopen-architecture platforms. Further information and photos of management are available on www.skandia.com Old Mutual Old Mutual plc is an international savings and wealth management company basedin the UK. Originating in South Africa in 1845, the group has a balancedportfolio of businesses offering asset management, life assurance, banking andgeneral insurance services in over 40 countries, primarily South Africa, Europeand the United States. Old Mutual is listed on the London Stock Exchange and theJSE Limited, among others. In the year ended 31 December 2006, the group reported adjusted operating profitof £1.4 billion (IFRS basis). Old Mutual had £263 billion of funds undermanagement and 53,000 employees at 30 June 2007. For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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