Ecobank sells majority shares in Oceanic Bank’s insurance arm

Pan-African bank, Ecobank announced February 6, 2013 that Old Mutual, an international investment Group, has completed the acquisition of a majority stake in Oceanic Life, a subsidiary of former Nigerian Oceanic Bank which was acquired by Ecobank.

The completion of the acquisition, according to Ecobank, will result in a name change from Oceanic Life Limited to Old Mutual Nigeria.

“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,” Ecobank CEO, Thierry Tanoh said in a statement copied to ghanabusinessnews.com.

Ralph Mupita, CEO of Old Mutual’s Emerging Markets business, 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.”

Old Mutual is an international long-term savings, protection and investment Group.  Originating 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.

In the year ended December 31, 2011, the Group reported adjusted operating profit before tax of £1.5 billion (on an IFRS basis) and had £267 billion of funds under management from core operations.

By Ekow Quandzie