| Tue 23 Oct 2007, 8:31 | | OML - Old Mutual Plc - Skandiabanken Sells Nordic |
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OML
OLOML
OML - Old Mutual Plc - Skandiabanken Sells Nordic Vehicle Financing Business
Old Mutual plc
ISIN CODE: GB0007389926
JSE SHARE CODE: OML
NSX SHARE CODE: OLM
ISSUER CODE: OLOML
SKANDIABANKEN SELLS NORDIC VEHICLE FINANCING BUSINESS
SkandiaBanken, Skandia`s Nordic banking operation, announces the sale of its
SkandiaBanken Bilfinans business to DnB NOR. The decision to sell the
vehicle financing business is part of SkandiaBanken`s focus on being a
market-leading direct bank in Sweden and Norway. The total consideration of
the transaction is SEK 2.3 billion and is expected to complete in early
2008.
SkandiaBanken Bilfinans provides lending and leasing credits in co-operation
with general agents and car dealerships in Sweden and Norway. The business
today comprises some 115,000 customer contracts and includes an aggregate
credit portfolio of approximately SEK 13 billion. Completion of the deal is
conditional upon regulatory approvals in Sweden and Norway.
Fredrik Sauter, chief executive of SkandiaBanken, said:
"SkandiaBanken is continuing to concentrate on its principal business of
banking and insurance, and on gradually introducing a range of new customer
offers. The decision to sell the vehicle financing business is in line with
this strategy, and we are convinced that it will develop favorably under DnB
NOR`s ownership, to the benefit of customers and business partners."
Julian Roberts, chief executive of Skandia and Old Mutual Director for
Europe, said:
"This transaction not only represents good value for shareholders but also
clearly demonstrates Old Mutual`s focus on its core business of asset
gathering and asset management."
Ends
Enquiries
Media
James Crampton Old Mutual +44 (0)20 7002 7133
Gunilla Svensson Skandia +46 8 788 42 97
Investor Relations
Aleida van Herel UK +44 (0)20 7002 7287
Deward Serfontein SA + 27 (0) 21 509 8709
Notes to editors
Skandia
Skandia, a wholly owned subsidiary of Old Mutual plc, is one of the world`s
leading independent providers of quality solutions for long-term savings.
Founded in Sweden in 1855, Skandia currently operates in over 20 countries,
with the United Kingdom and Sweden as its largest markets.
Skandia UK focuses on long-term savings. It offers unit-linked investments
through an open-architecture `fund platform` enabling access to a wide range
of funds from external managers as well as Skandia`s own multi-manager funds
provided by Skandia Investment Management. Skandia solutions are distributed
via independent financial advisers only, targeting affluent customers.
Investments in Skandia are unit-linked, backed by over 900 external funds
selected by advisers and their clients. With over a million customers and
GBP39 billion under management, Skandia is one of the fastest growing UK
savings companies.
Headquartered in Stockholm, Skandia Nordic, which principally comprises the
Swedish business and its mutual subsidiary, Skandia Liv, holds a leading
position in the Swedish life assurance market measured by new business, with
a combined customer base of 1.9 million customers. Skandia has been in the
Swedish market for over 150 years and its business in Sweden offers a full
set of financial products. It also has a growing unit-linked and life
business in Denmark, as well as healthcare. In Norway, it has a successful
banking operation and offers healthcare products.
Skandia Europe and Latin America has operations in 11 European countries
(Germany, Austria, Italy, Spain, Switzerland, Liechtenstein, France, Poland,
Portugal, the Czech Republic and Hungary) and three Latin American countries
(Colombia, Mexico and Chile). The business focuses on being a market-leading
niche player by providing unit-linked and mutual products through open-
architecture platforms.
Further information and photos of management are available on
www.skandia.com
Old Mutual
Old Mutual plc is an international savings and wealth management company
based in the UK. Originating in South Africa in 1845, the group has a
balanced portfolio of businesses offering asset management, life assurance,
banking and general insurance services in over 40 countries, primarily South
Africa, Europe and the United States. Old Mutual is listed on the London
Stock Exchange and the JSE Limited, among others.
In the year ended 31 December 2006, the group reported adjusted operating
profit of GBP1.4 billion (IFRS basis). Old Mutual had GBP263 billion of
funds under management and 53,000 employees at 30 June 2007.
For further information on Old Mutual plc, please visit the corporate
website at www.oldmutual.com
23 October 2007
Sponsor
Merrill Lynch
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Date: 23/10/2007 08:31:01 Produced by the JSE SENS Department.
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