Old Mutual happy on its new path after separation🔒
With the sale of its Latin American business finalised earlier in April, Old Mutual is now set on a new path and positioned exactly where management wanted it to be when it initiated the managed separation process, says CEO Peter Moyo.
The sale of the Latin American operations, which included Old Mutual Colombia, Old Mutual Mexico and Latin American investment adviser Aiva, was completed on April 1. The company is now left with operations in 13 African countries and a joint venture in China, Old Mutual Guodian.“The business is today optimally set for what we’ve always wanted,” he said. “We are in the countries where we believe we know how to manage the exposure, how we will grow the business and how we will deploy capital.
Moyo said Old Mutual is happy with its existing footprint on the continent and remains committed to all 13 countries, including Zimbabwe.“Zimbabwe is managed by a team that is doing a very good job under very difficult circumstances. Our business in Zimbabwe is doing very well. However, the challenge we have faced is the valuation of the functional currency and how we translate that into rands. But that has now been resolved. We are committed to being in that market,” said Moyo.
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