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Jul 2013 South African Old Mutual plans to purchase Provident Life, the Ghanaian insurer. The company, therefore, confirms its expansion strategy in emerging African countries. Ghana, one of the most promising markets in the continent, is now attracting major international groups. In Ghana, Provident Life offers life and investment products thanks to an extensive distribution network.
The Ghanaian company, one of the largest in the country, is a prime target for Old Mutual whose South African subsidiary is one of the leaders of African insurance. The acquisition remains subject to approval of the South African and Ghanaian authorities.