OLD MUTUAL PARTNERS WITH THE NEPAD BUSINESS FOUNDATION WHILST INVESTING IN AFRICA

Old Mutual, the largest and most well-established financial services provider in Southern Africa sponsored R1.5million to the NEPAD Business Foundation (NBF) and is one of the NBF’s main founding partners.

"In line with our strategic objectives, Old Mutual continues to be a socially responsible organization, committed to investing in the success of the countries where we operate. We recognize the NBF’s objective to utilize all of Africa’s resources to generate innovative economic growth in order to stimulate socio-political stability and sustainable development. In support of our commitment to economic transformation, Old Mutual also remains a firm believer in establishing and maintaining partnerships and this is another example of collaboration with a key partner in order to achieve a wider objective than mere bottom line results." says Johannes Gawaxab, Managing Director of Old Mutual Africa Operations

Old Mutual operates in six countries in Africa including, South Africa, Namibia, Kenya, Malawi, Swaziland and Zimbabwe and is headquartered and domiciled in London, UK. The company has a decentralized management structure, which enables the respective country heads to get on with the business. Old Mutual’s vision for Africa is to dominate financial services, enrich the lives of their employees and customers and enhance stakeholder value by providing best-value financial services. Old Mutual strives to achieve the objective by optimizing their current operations and expanding opportunistically throughout countries in Africa. This includes increasing Old Mutual’s reach and access to customers, as well as investing in and developing Old Mutual’s staff. In addition to the six African countries that the company currently operates in, Old Mutual plans to continue to expand selectively and opportunistically to ensure that they provide the best possible value to staff, clients and shareholders. Most importantly, they have positioned their organisation to make tangible and sustainable contributions to the continent’s long-term economic success.

Old Mutual considers Africa a highly attractive area for future growth, for the following reasons:

• GDP growth in Africa is growing rapidly, ahead of World GDP growth
• Foreign Direct Investments have increased significantly and appear set to continue to do so
• Current penetration rates in the financial sector are low (particularly insurance)
• Premium growth over the past 3 years has been phenomenal
• There is a large young population that has a demonstrated need for the savings and investment products they offer.

Old Mutual is confident that the NBF can add value to its Africa strategy as the NBF is committed to proactively drive economic growth and contribute to developing a sustainable market in Africa for Old Mutual to penetrate and partner with. In addition to their involvement with the NBF, Old Mutual has entered into numerous partnerships, such as their Black Economic Empowerment transactions with key organizations in Namibia and South Africa.

Gawaxab adds “These deals reflect our quest to become leaders in corporate transformation, as well as our commitment to matching the demographic profile of our markets. We have also partnered with Old Mutual South Africa’s sister company, Nedbank, to ensure that we are in a position to offer our clients access to a comprehensive range of financial services and products.”

ABOUT OLD MUTUAL

Old Mutual is a leading international savings and wealth management company. They serve to grow savings and investment demands of local customers, companies and their advisors. The company operates primarily in the long-term savings market. Old Mutual’s primary objective as a business is to preserve and grow the money that the customers entrust to them, either directly or through their advisors.

Therefore Old Mutual’s main functions include:

• They look after their customers' money well.
• They provide choice and flexibility to their customers, whose needs change over time.
• They develop innovative, value-for-money and transparent savings and investment products.
• They deliver sustained superior investment performance.
• They are not constrained by product labels, and will provide products which best meet the needs of their customers, taking advantage of local tax and regulatory regimes.
• They serve their customers by understanding their individual requirements and responding rapidly to these.

ABOUT THE NEPAD BUSINESS FOUNDATION

The NEPAD Business Foundation (NBF) is endorsed by the NEPAD Secretariat and represents companies seeking an opportunity to explore networking and business development in Africa and sub-saharan Africa, and has a prestigious membership base. The NBF encourages business development in the 16 industry sectors in which it operates and hosts regular cross-sectoral meetings to facilitate trade between all realms of business. The organisation aims to bring about continual development and skills development through flagship programmes such as the internationally acclaimed educational programme, the African Leadership Programme (ALP). The NBF’s Business Guide, launched at the 2007 Africa World Economic Forum and the NBF’s Project Management Office are two key drivers that help deliver the NBF’s overall objectives by facilitating platforms to encourage trade and development at a regional, continental and global level.