The Old Mutual Zimbabwe company is set to reduce the number of its companies by merging them into 3 companies. The group currently has 9 companies in financial services, investment, insurance, and real estate.
Old Mutual will merge the companies into 3 groups: insurance, wealth management, and banking.
Here’s how the group’s companies are (2016 Organogram)
The Group’s chairman Johannes Gawaxab commented on the change:
Having reviewed the current structure of the Old Mutual Zimbabwe Limited Group, the directors have concluded that the interests of both shareholders and customers would be best served by restructuring the group into a simpler and more optimal outfit.
The process entails the proposed clustering of the Old Mutual Zimbabwe Limited businesses into three clusters on the basis of the major lines of business which the group operates, namely, insurance, wealth management and banking — subject to regulatory and shareholder approvals as necessary.
Old Mutual Zimbabwe Limited will remain as the holding company of these three clusters
The exercise is also intended to streamline the ownership of Old Mutual Insurance Company.
It is expected that this will result in a reduction of the legal entities in the Group.
More: The Standard