By Silvia Nyambura
Global financial services company Old Mutual Group has officially announced it has acquired 60.7% stake in UAP Group. This is expected to give UAP muscle to operate in markets north of the Sahara and south of the Limpopo area. As a group UAP currently has a foot print across 5 markets in East and Central Africa and runs 4 businesses in Life and General Insurance as well as Financial and Property services. This acquisition adds banking to the group’s portfolio through Old Mutual’s subsidiary Faulu Microfinance Bank. The integration brings with it a wider focus for the business and financial leverage to drive investments in Uganda’s financial services market supported by global expertise.
Addressing the media today, Old Mutual Group CEO Peter Mwangi said, “As a group we started way back in 1845 with roots in South Africa. We have about 170 years of making and keeping promises to our customers generation after generation. As at the end of 2014 we had over 17.5 million customers in the region and we earned over 1.6 billion pounds in revenues in the same period. The growth and expansion potential of our merged business is huge. There is no doubt that together we are greater than the sum of our parts.
