Old Mutual Nedbank Relationship Agreement
„Nedbank Group President Vassi Naidoo thanked Peter for his contribution to the group since his appointment in 2018 with respect to the relationship agreement between Old Mutual Limited and Nedbank Group Limited, which provides that Old Mutual Limited can appoint a director to the corporate board as long as OML`s stake in Nedbank Group is 15%,“ the financial services company said in a statement. An agreement between Old Mutual and Nedbank allows the insurer to appoint a director to the board of directors as long as its stake in the Nedbank Group is equal to or greater than 15%. Mr. Morathi stated that the relationship agreement provided security in the key aspects of the administered separation and was an important step forward in completing the dissociation process. Cape Town – Nedbank Group has signed a relationship agreement with Old Mutual Limited (OML), which is seen by the group as an important step forward in the managed separation of the Old Mutual Group. The relationship agreement will govern how the two companies work together „on the length of arms“ after OML`s admission to South Africa. Mike Brown, ceo of Nedbank Group, said the bank looked forward to continuing strong and mutually beneficial relationships with Old Mutual in South Africa and Africa. Tel: `27 (0)86 140 0110 (in case of call in South Africa) Tel: `27 (0)11 029 0251 (for overseas calls)E-mail: firstname.lastname@example.orgAddress: 13th Floor, 19 Ameshoff Street, Braamfontein, Johannesburg 2001Postery: PO Box 10462, Johannesburg 2000 South AfricaWebsite: investorcentre.linkmar… OML and Nedbank have identified a number of mutually beneficial opportunities to create added value for both parties.
This includes areas such as procurement and information technology. „We now have certainties about the key elements of the relationship with OML, which will tell us how the two companies will work together after the Nedbank Group is dissociated. Corpserve Registrars (PVT) LTDTel: `263 (0)475 1559Tel: `263 (0)475 1561E-mail: email@example.com ZB-Zentrum Floor, Cnr 1st Street – K. Nkrumah Avenue, Harare, ZimbabwePostal address: PO Box 2208, Harare, Zimbabwe As part of the managed separation process, Old Mutual is separating its four divisions in order to free up shareholder value. The companies are Old Mutual Limited (formerly Old Mutual Emerging Markets), Nedbank, Quilter plc (formerly Old Mutual Wealth UK) and BrightSphere Investment Group (formerly omam in the US).