{"id":115636,"date":"2016-03-06T21:13:17","date_gmt":"2016-03-06T19:13:17","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=115636"},"modified":"2016-03-06T21:33:13","modified_gmt":"2016-03-06T19:33:13","slug":"old-mutual-split-could-lead-to-nedbank-sale","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/115636\/old-mutual-split-could-lead-to-nedbank-sale\/","title":{"rendered":"Old Mutual split could trigger Nedbank sale"},"content":{"rendered":"

Reports suggesting that Old Mutual is planning to split itself up into standalone companies, could mean Nedbank becoming an acquisition target, according to industry experts.\u00a0<\/strong><\/p>\n

On Saturday, Sky News reported<\/a> that Old Mutual is working on a \u00a39 billion plan to break-up the company into standalone entities, comprising its stake in Nedbank\u201a its UK-focused wealth unit\u201a its emerging markets operation based in SA\u201a and its institutional asset management business.<\/p>\n

Earlier this week, global banking group Barclays announced that it will be\u00a0selling down its stake in Barclays Africa Group Limited \u2013 trading as Absa in South Africa.<\/p>\n

Old Mutual said in a press statement on Saturday:<\/p>\n

Old Mutual plc notes the press speculation on Saturday 5 March 2016. When our new Chief Executive Bruce Hemphill joined on 1 November 2015, we announced that we would be conducting a strategic review.<\/p>\n

We can confirm that all options for the strategic review are being considered but no decision has yet been made.<\/p>\n

Old Mutual is due to announce its preliminary results for 2015 on 11 March 2016 and will provide an update on the strategic review at that time.<\/p><\/blockquote>\n

Nedbank, which is the smallest of the big four SA banks, may find some interest from others, Economists.co.za chief economist Mike Schussler told Fin24<\/a>.<\/p>\n

“I think the bank is a good bank, but the feeling is that they have not done enough in Africa. But all in all they would be an easier target than Barclays Africa which is much much bigger,” he said.<\/p>\n

Former FNB CEO, Michael Jordaan said on social media site, Twitter:\u00a0 “If Old Mutual splits in 4 (as they’re expected to announce this week) then 2 SA banks (Barclays Africa and Nedbank) are suddenly in play.”<\/p>\n

Sky News said two private equity firms\u201a Cinven and Warburg Pincus\u201a were already said to have tabled a multibillion-pound joint cash offer for Old Mutual Wealth.<\/p>\n

Old Mutual has a 40% holding in Nedbank, which boasts 7.4 million retail clients in South Africa.<\/p>\n

More on banking in South Africa<\/h3>\n

Barclays is selling off its stake in Absa \u2013 confirmed<\/a><\/strong><\/p>\n

Absa responds to Barclays sale reports<\/a><\/strong><\/p>\n

Barclays to announce Absa sale: report<\/a><\/strong><\/p>\n

Government wants a bigger stake in Absa: report<\/a><\/strong><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Reports suggesting that Old Mutual is planning to break-up into standalone companies, could mean Nedbank becoming an acquisition target.<\/p>\n","protected":false},"author":10,"featured_media":70551,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[29,3300,26,1799,1110],"class_list":["post-115636","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-absa","tag-barclays","tag-headline","tag-nedbank","tag-old-mutual"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/115636","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=115636"}],"version-history":[{"count":9,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/115636\/revisions"}],"predecessor-version":[{"id":115652,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/115636\/revisions\/115652"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/70551"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=115636"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=115636"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=115636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}