Old Mutual acquires stake in Oceanic Life

published 6 February 2013

Old Mutual, the financial services giant, said Wednesday that it has completed the acquisition of a majority stake in Oceanic Life, the life assurance operations of the former Oceanic Bank in Nigeria acquired by Ecobank Transnational.

Chief Executive Officer of Old Mutual's Emerging Markets 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."