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UPDATE 1-Old Mutual to retain 20 percent of South Africa's Nedbank after split
November 1, 2017 / 8:11 AM / 23 days ago

UPDATE 1-Old Mutual to retain 20 percent of South Africa's Nedbank after split

(Adds detail and listing dates)

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, said in 2016 it planned to break itself up into four parts as it says regulatory changes make the company too complex to run in its current form.

Old Mutual plc said in May that a new South African holding company, Old Mutual Limited (OML), would hold the shareholding in Nedbank Group after the separation.

The shareholding in Nedbank, which is a majority-owned banking subsidiary of Old Mutual plc, will be held by OML which will have a primary listing on the JSE and a secondary listing on the London Stock Exchange, the companies said in a statement.

The companies said Old Mutual Limited will be listed on both exchanges at the “earliest opportunity” in 2018 after Old Mutual plc’s 2017 full-year results are published. (Reporting by Tanisha Heiberg; Editing by Joe Brock)

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