Old Mutual East Africa Group

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]

Old Mutual East Africa Group
TypePrivate conglomerate
IndustryInsurance, financial services
Founded2015
HeadquartersNairobi, Kenya
Key people
Joseph Wanjui
Chairman
Peter Mwangi
Group CEO
ProductsLife, health insurance, investment management, Investment advisory, brokerage, real estate investment trusts
Number of employees
4,000+
Websitehttps://www.oldmutual.co.ke/

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 3 kilometres (2 mi), 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).[3]

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).[4][5] 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.[6] Later in 2015, Old Mutual began to consolidate all its investments in Kenya under one company, namely the "Old Mutual East Africa Group".[7] 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.[4]

Governance

The group is governed by a 14-person board of directors chaired by Dr. Joseph Barrage Wanjui,[8] a shareholder in the business. The Group CEO is Peter Mwangi, a certified public accountant and a chartered financial analyst.[9][10]

See also

References
  1. UAPOMG (20 September 2017). "UAP Old Mutual Group: Who we are". Nairobi: UAP Old Mutual Group (UAPOMG). Retrieved 20 September 2017.
  2. GFC (20 September 2017). "Distance between Central Business District, Nairobi, Nairobi County, Kenya and UAP Old Mutual Tower, Upper Hill Road, Nairobi, Kenya". Globefeed.com (GFC). Retrieved 20 September 2017.
  3. Google (20 September 2017). "Location of the headquarters of UAP Old Mutual Group" (Map). Google Maps. Google. Retrieved 20 September 2017.
  4. Muniata, Peter (2 January 2016). "UAP pushes planned listing at Nairobi bourse to 2018". The EastAfrican. Nairobi. Retrieved 20 September 2017.
  5. Njiru, John (2 April 2014). "Old Mutual acquires 67pc of Faulu Kenya". Business Daily Africa. Nairobi. Retrieved 20 September 2017.
  6. Juma, Victor (27 January 2017). "Old Mutual raises stake in UAP after Sh14bn buyout". Business Daily Africa. Nairobi. Retrieved 20 September 2017.
  7. Kangethe, Kennedy (23 June 2015). "UAP and Old Mutual to merge, list on NSE". Nairobi: 98.4 Capital FM. Retrieved 20 September 2017.
  8. Juma, Victor (3 July 2015). "Old Mutual snub returns to haunt UAP chief executive". Business Daily Africa. Nairobi. Retrieved 20 September 2017.
  9. UAPOMG (20 September 2017). "Members of the Board of Directors of UAP Old Mutual Group". Nairobi: UAP Old Mutual Group (UAPOMG). Retrieved 20 September 2017.
  10. Juma, Victor (30 June 2015). "Former NSE chief Mwangi to head UAP-Old Mutual". Business Daily Africa. Nairobi. Retrieved 20 September 2017.
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