Old Mutual intent on expanding in Africa

The South African insurer Old Mutual has 386 million USD to carry out acquisitions in Africa, the continent that has the highest premium growth rates in the world.

The group identified several countries displaying some of the greatest development potential: Nigeria, Kenya, and Ghana. Mozambique is also a target after the banking group subsidiary (Nedbank) took a stake in the local bank Banco Unico.

Old Mutual is also willing to further collaborate with Ecobank, a financial group owned at 20% by Nedbank and operational in 36 states of the continent.

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