Old Mutual East Africa Group Explained

Old Mutual East Africa Group
Type:	Private conglomerate
Key People:	Joseph Wanjui Chairman Peter Mwangi Group CEO
Industry:	Insurance, financial services
Products:	Life, health insurance, investment management, Investment advisory, brokerage, real estate investment trusts
Foundation:	2015
Location:	Nairobi, Kenya
Num Employees:	4,000+
Homepage:	https://www.oldmutual.co.ke/

Old Mutual East Africa Group is a financial services conglomerate that maintains its headquarters in Kenya, with subsidiaries in Uganda, Tanzania, South Sudan, Rwanda and the Democratic Republic of the Congo.^[1]

Location

The headquarters of Old Mutual East Africa Group are located in the 33-storey Old Mutual Tower, located on Hospital Road, in Upper Hill, Nairobi, about 3km (02miles), southwest of the city's central business district.^[2] The coordinates of the company headquarters are: 01°17'56.0"S, 36°49'10.0"E (Latitude:-1.298889; Longitude:36.819444).

Overview

In 2014 Old Mutual acquired a controlling 67 percent interest in Faulu Kenya, the second-largest microfinance bank in Kenya, whose stock is privately held, for a sum of KSh3.6 billion (approx. US$40 million).^[3] In early 2015, Old Mutual, spent a total of US$253.1 million (KSh 23.1 billion) to acquire 60.66 percent shareholding in UAP Holdings.^[4] Later in 2015, Old Mutual began to consolidate all its investments in Kenya under one company, namely the "Old Mutual East Africa Group".^[5] The integration involves (a) UAP Holdings, in which Old Mutual owns 60.66 percent (b) Faulu Kenya, in which Old Mutual owns 67 percent and (c) the legacy businesses of Old Mutual Kenya, in which Old Mutual maintains 100 percent shareholding.^[1] Old Mutual plans to list its shares on the Nairobi Securities Exchange (NSE) in 2018, after the mergers are concluded.^[6]

Governance

The group is governed by a 14-person board of directors chaired by Dr. Joseph Barrage Wanjui,^[7] a shareholder in the business. The Group CEO is Peter Mwangi, a certified public accountant and a chartered financial analyst.^{[8] [9]}

See also

• UAP Holdings
• Faulu Kenya
• Old Mutual

External links

• Website of Old Mutual East Africa Group

Notes and References

1. Web site: UAPOMG . UAP Old Mutual Group: Who we are . 20 September 2017 . 20 September 2017 . UAP Old Mutual Group (UAPOMG) . Nairobi.
2. Web site: 20 September 2017. Distance between Central Business District, Nairobi, Nairobi County, Kenya and UAP Old Mutual Tower, Upper Hill Road, Nairobi, Kenya . GFC . Globefeed.com (GFC) . 20 September 2017.
3. Web site: 2 April 2014 . Business Daily Africa. Old Mutual acquires 67pc of Faulu Kenya. 20 September 2017 . Nairobi . John . Njiru .
4. Web site: 20 September 2017. Old Mutual raises stake in UAP after Sh14bn buyout . 27 January 2017 . Victor . Juma . . Nairobi.
5. Web site: UAP and Old Mutual to merge, list on NSE . 20 September 2017 . 23 June 2015 . Kennedy . Kangethe . . Nairobi.
6. Web site: UAP pushes planned listing at Nairobi bourse to 2018 . 20 September 2017 . 2 January 2016 . . Nairobi . Peter . Muniata.
7. Web site: Victor . Juma . 3 July 2015 . Old Mutual snub returns to haunt UAP chief executive . . Nairobi . 20 September 2017.
8. Web site: Members of the Board of Directors of UAP Old Mutual Group . 20 September 2017 . 20 September 2017 . Nairobi . UAP Old Mutual Group (UAPOMG) . UAPOMG.
9. Web site: 30 June 2015 . Juma . Former NSE chief Mwangi to head UAP-Old Mutual. 20 September 2017 . Victor . . Nairobi .