Old Mutual nears completion of Nordic sale

The sale of Old Mutual's Nordic business has received approval from Swedish regulators; now it's up to the shareholders to sign off on the deal.

"Old Mutual welcomes the announcement this morning of regulatory approval for the disposal from the Swedish Financial Supervisory Authority," the company announced this morning.

Danish regulatory approval for the sale - of Old Mutual's long-term savings and banking operations in Sweden, Denmark and Norway, to Skandia Liv - was confirmed on Friday.

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The group says that the disposal now remains conditional only on approval by Old Mutual shareholders at the general meeting on March 14th. If that goes the way the company wants, completion of the sale should occur on or around March 21st.

The company's full-year results, which will be released tomorrow, will refer to the said divisions as "held for sale".

Nordic's funds under management (FuM) fell by 8% to 134.3bn Swedish krona, with negative market movements partially offset by positive net client cash flow.

BC