JOHANNESBURG – South African insurer Old Mutual has entered into a share swap deal with Nedbank to increase its stake in the country’s fourth-biggest bank by 1,2 per cent.
Nedbank, majority-owned by Old Mutual, said it would buy out its parent’s stakes in three subsidiaries in exchange for Old Mutual acquiring additional shares in the Nedbank Group. ‘Both NGL (Nedbank Group Ltd) and the Old Mutual Group believe that better value for both parties can be achieved through relinquishing the joint-venture approach to these businesses.’-Nampa-Reuters
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