Old Mutual earmarks $386M for Africa expansion

Ingrid Johnson, CFO, Old Mutual

Old Mutual Plc (OML), Africa’s biggest insurer, has 4.3 billion rand ($386 million) for acquisitions on the continent, where growth rates higher than advanced countries may help boost sales after third-quarter growth declined.

“We’ve identified Nigeria, Kenya and Ghana
as the key markets,” Ingrid Johnson, chief financial officer, said in a phone interview from London today. “There are opportunities to look at Mozambique” after banking unit Nedbank Group Ltd. (NED) took a stake in Banco Unico, she said. Old Mutual is also looking for ways to work more closely with Lome, Togo-based Ecobank Transnational Inc. (ETI), where Nedbank owns 20 percent.

Read more: Old Mutual Earmarks $386 Million for Expansion in Africa – Bloomberg.