International financial service giant, Old Mutual PLC, has completed its acquisition of a majority stake in Oceanic Life, the life assurance operations of the former Oceanic Bank in Nigeria acquired by pan-African banking group, Ecobank Transnational Incorporated.
In a statement released by Old Mutual and the Ecobank Group, the transaction will result in a name change from Oceanic Life Limited to Old Mutual Nigeria.
Chief Executive Officer of Old Mutual's Emerging Markets business, Ralph Mupita, said: "We are delighted to have completed the acquisition of this majority stake and we continue to work with
Ecobank to expand our product offerings to the Nigerian market.
"The growth dynamics of the industry are exciting and prospects are good for further development of our business operations in West Africa."
Meanwhile, Ecobank CEO, Thierry Tanoh said, the transaction is a welcome development, adding that Old Mutual is renowned as one of the finest insurance providers in Africa.
“Ecobank Group would rather concentrate in its core area, which is banking, and leave insurance business for the experts, which Old Mutual represents. Ecobank will remain a minority shareholder in Old Mutual Nigeria,” he said.
Ecobank Group is a pan-African banking group with a presence in 33 African countries.
On the other hand, Old Mutual is an international long-term savings, protection and investment Group established in South Africa in 1845. The Group provides life assurance, asset management, banking and general insurance to more than 12 million customers in Africa, the Americas, Asia and Europe. Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.
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