The Ecobank Group said it has completely sold its majority stake in Oceanic Life Limited to Old Mutual Limited, a South African firm.
Oceanic Life used to be the life assurance arm of former Oceanic Bank which was acquired by Ecobank.
A statement from Ecobank explained that the deal would result in the change of the firm’s name from Oceanic Life Limited to Old Mutual Nigeria.
Chief Executive Officer, Old Mutual’s Emerging Market 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.”
Also commenting, Ecobank Chief Executive Officer, Thierry Tanoh, said: “This is a welcome development, as 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.”
Old Mutual is an international long-term savings, protection and investment Group. It was 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.