November 1, 2017 / 7:56 AM / in 2 months

Old Mutual to retain 20 percent of South Africa's Nedbank after split

JOHANNESBURG, Nov 1 (Reuters) - Anglo-South African financial services group Old Mutual said on Wednesday it will retain a 19.9 percent strategic minority shareholding in Nedbank after the parent company’s planned split.

Old Mutual, whose primary share listing is on the London Stock Exchange, is planning to break itself up into four parts as it says regulatory changes make the company too complex to run in its current form.

The shareholding in Nedbank, which is a majority-owned banking subsidiary of Old Mutual plc, will have a primary listing on the JSE and a secondary listing on the London Stock Exchange, the companies said in a statement. (Reporting by Tanisha Heiberg; Editing by Joe Brock)

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