M and A
Old Mutual Sells Skandia Poland
The London and Johannesburg-listed bank and asset manager, Old Mutual, has sold Skandia Poland, part of Old Mutual Wealth, to Vienna Insurance Group AG Wiener Versicherung Gruppe.
The London and
Johannesburg-listed bank and asset manager, Old Mutual, has today
agreed to
sell Skandia Poland,
part of Old Mutual Wealth, to Vienna
Insurance Group AG Wiener Versicherung
Gruppe.
The deal’s details have not been disclosed in the statement
from Old Mutual, however, the firm did say that “the transaction
is part of Old
Mutual Wealth's commitment to simplify its operations in
Europe
and focus on a select number of core growth markets”.
The deal gives Austrian firm VIG total control of Skandia Poland and
its
assets, including €414 million ($554.8 million) in funds under
management as at
30 September 2013.
The transaction is still subject to regulatory approvals and
is expected to take approximately six months to complete.
In the year ended 31 December 2012, the Old Mutual group
reported £262 billion ($415.8 billion) of funds under management
from core
operations.
