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Old Mutual PLC Announces Further African Expansion With Acquisition In Kenya

Wednesday, 3 Jul 2013 06:20am EDT 

Old Mutual PLC announced that its Emerging Markets business is to enter into a strategic partnership with Faulu Kenya DTM LTD (Faulu) through the acquisition of a controlling stake in this business. Faulu was the first Deposit Taking Microfinance company to be licensed by the Central Bank of Kenya customers. The transaction is conditional on the relevant regulatory approvals being obtained and is expected to complete by the end of 2013. The consideration for the transaction will form part of the ZAR5 billion previously identified by Old Mutual as being available for expansion into Africa. 

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