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LON100:OML, Jul 18, 08:57 UTC

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Friday, July 13


News

Old Mutual appoints Deloitte as joint auditor in a blow to scandal-hit KPMG

OML

Old Mutual appoints Deloitte as joint auditor in a blow to scandal-hit KPMG. JOHANNESBURG - South African insurer Old Mutual has appointed Deloitte as joint auditor alongside scandal-hit KPMG, it said on Thursday, an unusual move reflecting what it said were unresolved challenges related to its sole auditor for nearly two decades. KPMG’s South African unit is battling to restore its reputation after becoming entangled in a corruption scandal involving the Gupta family, who have been accused of using their links with former President Jacob Zuma to amass wealth. “Old Mutual has been continuously engaging with KPMG International and KPMG South Africa on concerns regarding the ongoing challenges raised in their South Africa business,” Old Mutual said.

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Thursday, July 12


News

Old Mutual appoints Deloitte as joint auditor in a blow to KPMG

TRI OML

Old Mutual appoints Deloitte as joint auditor in a blow to scandal-hit KPMG. (Reuters) - South African insurer Old Mutual has appointed Deloitte as joint auditor alongside scandal-hit KPMG, it said on Thursday, an unusual move reflecting what it said were unresolved challenges related to its sole auditor for nearly two decades. KPMG's South African unit is battling to restore its reputation after becoming entangled in a corruption scandal involving the Gupta family, who have been accused of using their links with former president Jacob Zuma to amass wealth. "Old Mutual has been continuously engaging with KPMG International and KPMG South Africa on concerns regarding the ongoing challenges raised in their South Africa business," Old Mutual said.

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Monday, July 09


News

Nigeria: Ecobank Partners Old Mutual to Increase Insurance Penetration

OML

The agreement was sealed and driven under a platform known as Bancassurance Referral model and is targeted at offering Old Mutual an extensive outlet to offer life and general insurance products across the 62 branches of the bank in Lagos, Port Harcourt, Abuja and Ibadan. Addressing journalists at the signing ceremony which took place in Lagos, the Managing Director, Old Mutual Nigeria Life Assurance, Mr. Keith Alford, described the agreement as another proud moment for the company because the two firms had been in partnership in other areas of business over the years. "This bancassurance partnership further strengthens the capacity of both financial institutions to offer multiple access points to our various products and services to customers across Nigeria and indeed Africa. This is unique and strategic," he said. He said through the partnership, Old Mutual would leverage on Ecobank's existing customer base and wide distribution network to promote financial inclusion and insurance penetration whilst pushing the underwriting firm's brand offerings to customers of Ecobank.

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Thursday, July 05


News

Old Mutual’s centre to jumpstart informal sector - NewsDay Zimbabwe

OML

ZIMBABWE Stock Exchange-listed financial services group, Old Mutual, says its $21,4 million state-of-the-art small to medium enterprises (SMEs) Eastgate Market in Harare would be opened next month. Speaking during the Zimbabwe National Chamber of Commerce annual congress held in Victoria Falls last week, an Old Mutual official said the centre would be up and running next month to provide players in the informal sector with decent retailing outlets. In line with the government’s drive on financial inclusion, Old Mutual recently opened a new arm called Old Mutual Finance,” the official said. The one-stop-shop complex is being developed diagonally opposite the Eastgate Shopping Mall and will boast 11 823 m² of prime retail space configured to accommodate a diverse range of SMEs business model under one roof.

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Wednesday, June 27


News

Zimbabwe: Invest in Agric, ED Challenges Old Mutual

OML

Officiating at the Old Mutual Limited Anchoring in Africa Zimbabwe Gala dinner yesterday, President Mnangagwa challenged the country's largest insurance company "to consider investing in agriculture under the Command Agriculture Programme as well as pursuing other investments that will quicken the resuscitation of our horticulture industry." While acknowledging Old Mutual's role in partnering Government in response to the national housing backlog, as well as decent and convenient trading spaces throughout the country, President Mngangagwa called on the company to take leadership in the country's renewed thrust to increase and modernise its infrastructure. He also called on Old Mutual to broaden its breadth and depth in financing the empowerment initiatives of women, youth and SMEs. "The importance of a well-structured SME sector in stimulating economic growth and reducing poverty cannot be over-emphasised," he said. Speaking at the Zimbabwe-China Business Forum in Harare early this month, President Mnangagwa invited financial players to offer appropriate solutions critical to spur economic growth.

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Tuesday, June 26


News

OLD MUTUAL RELISTS ON ZSE newsdzeZimbabweNewsdzeZimbabwe

OML

Old Mutual Zimbabwe has relisted on the Zimbabwe Stock Exchange (ZSE) as a part of a broader group strategy to focus its business in Africa.Yesterday, Old Mutual Plc’s shares were suspended from the UK Official list and from trading on the London Stock Exchange’s main market for listed securities, and from the Johannesburg Stock Exchange, the Namibian Stock Exchange and the Zimbabwe Stock Exchange, and had already been suspended on the Malawi Stock Exchange as it moved its primary listing from London to Johannesburg. Old Mutual Zimbabwe has since commenced trading on the ZSE. “The key difference between our previous listing as Old Mutual Plc in London and our primary listing as Old Mutual Ltd in Africa is that capital from our shareholders will be focused on African businesses and invested in growth opportunities present in African markets we operate in,” said Old Mutual Zimbabwe. In March 2016, the group agreed to separate its four businesses into independent, stand-alone companies – the ‘Managed Separation’ – driven by the need to reduce costs and ensure efficient funding for its constituent companies.In terms of the Managed Separation, the US-based Old Mutual Asset Management (OMAM) was sold, while the United Kingdom-based Old Mutual Wealth was rebranded as Quilter Plc and is now listed on the London Stock Exchange – with a secondary listing on the Johannesburg Stock Exchange.

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News

Old Mutual returns to African roots with Johannesburg listing

OML

Chief Executive Bruce Hemphill set the break-up in motion in 2016, saying the company’s four main businesses — a U.S. asset manager, a British wealth manager, an African financial services division and a South African bank — would achieve higher investor ratings as separate entities. Old Mutual Ltd, now the parent to what is left of Old Mutual plc, will also have a standard listing in London, and secondary listings on the stock exchanges of Malawi, Namibia, and Zimbabwe. “What’s most exciting about our listing as an independent, standalone entity is that it enables us to unlock shareholder value and create a business with a strong strategic focus on sub-Saharan Africa,” Old Mutual Ltd’s chief executive Peter Moyo said. Old Mutual, which traces its roots back to the mid-19th as South Africa’s first mutual aid society with 166 members, has already sold its U.S. asset management business and on Monday separately listed its U.K wealth arm, renamed Quilter.

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News

Old Mutual simultaneous lists across three Southern African bourses - CNBC Africa

OML

Old Mutual simultaneously lists across three Southern African bourses. June 26, 2018. Old Mutual has come home after nearly two decades of doing business in London and they wanted everyone in Africa to know it. There has been a simultaneous listing in Zimbabwe, Namibia and South Africa. There was music, Vuvuzelas, a former finance minister and ceremony. CNBC Africa’s Rofhiwa Madzena filed this report. RELATED ARTICLES. Why China is increasing its military presence in Africa. Vetiva Capital Management’s outlook for Nigerian markets. Ex-boss of Star subsidiary to sue. African Business and Financial News, Stock Quotes, and Market Data and Analysis. A Part of ABN360.

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News

Old Mutual returns to African roots with Johannesburg listing

TRI OML

Chief Executive Bruce Hemphill set the break-up in motion in 2016, saying the company's four main businesses -- a U.S. asset manager, a British wealth manager, an African financial services division and a South African bank -- would achieve higher investor ratings as separate entities. Old Mutual Ltd, now the parent to what is left of Old Mutual plc, will also have a standard listing in London, and secondary listings on the stock exchanges of Malawi, Namibia, and Zimbabwe. "What's most exciting about our listing as an independent, standalone entity is that it enables us to unlock shareholder value and create a business with a strong strategic focus on sub-Saharan Africa," Old Mutual Ltd's chief executive Peter Moyo said. Old Mutual, which traces its roots back to the mid-19th as South Africa's first mutual aid society with 166 members, has already sold its U.S. asset management business and on Monday separately listed its U.K wealth arm, renamed Quilter (QLT.L).

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News

BREAKING NEWS: Old Mutual Zim relists on ZSE – The Herald

OML

Tawanda Musarurwa Business Reporter Old Mutual Zimbabwe has relisted on the Zimbabwe Stock Exchange (ZSE) as a part of a broader group strategy to focus its business in Africa. Yesterday, Old Mutual Plc’s shares were suspended from the UK Official list and from trading on the London Stock Exchange’s main market for listed securities, and from the Johannesburg Stock Exchange, the Namibian Stock Exchange and the Zimbabwe Stock Exchange, and had already been suspended on the Malawi Stock Exchange as it moved its primary listing from London to Johannesburg. “The key difference between our previous listing as Old Mutual Plc in London and our primary listing as Old Mutual Ltd in Africa is that capital from our shareholders will be focused on African businesses and invested in growth opportunities present in African markets we operate in,” said Old Mutual Zimbabwe. Officiating at the relisting event this morning, Finance and Economic Planning Minister Patrick Chinamasa said Old Mutual’s new thrust was in line with Government’s economic agenda.

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