Nedbank Group (NED) is to acquire Old Mutual’s (OML) 50% interest in Old Mutual Bank, which operates as a division of Nedbank. Old Mutual Bank will be integrated into Nedbank. Old Mutual Bank has been managed as a 50/50 joint venture arrangement between Old Mutual and Nedbank since 2003. The joint venture was set up to focus on assurefinance, providing banking products and services such as home loans, vehicle finance, credit cards, transaction accounts, investments and savings deposits to clients of Old Mutual SA.

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