Old Mutual sells LatAm business for undisclosed sum
Old Mutual
210.90p
16:55 22/06/18
0.00%
0.00p
Old Mutual said it had agreed to sell its Latin American businesses to CMIG International, a financial holding company based in Singapore for an undisclosed sum.
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Proceeds from the sale will be retained for general corporate purposes by Old Mutual Emerging Markets, which is now focused on sub-Saharan Africa after an internal review.
The Latin American businesses are: Old Mutual Colombia, a pensions, life insurance, mutual funds, and stock brokerage business; Old Mutual Mexico, a life insurance and mutual funds business; and Aiva, an investment advisor and a distribution platform for independent financial advisers in Latin America.