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Nordic sale proposed by Old Mutual

Old Mutual has proposed the sale of its Nordic arm.

15 December 2011

Sales negotiations could soon be underway at Old Mutual, as the savings, investment and protection group has announced its intention to offload its Nordic business.

Excluding its operations in Finland, it is hoped SEK22.5 billion (£2.1 billion) will be raised by the sale.

Long-term savings and banking outlets in Denmark, Norway and Sweden that run under the umbrella brand Nordic - or Skandia - are included in the package and will go to Skandia Liv.

Proceeds of the deal - entitled the Transaction - will be used to reduce group debt and any surplus capital arising from the deal will be returned to the shareholders.

Group chief executive of Old Mutual Julian Roberts said the move will "enable us to reduce complexity within the group consistent with our stated strategy and to focus more sharply on those parts of our long-term savings business where the greatest opportunities are available".

Another savings provider - Washington Mutual - recently resolved a shareholder dispute that will allow it to emerge from bankruptcy proceedings.

Posted by Edel Quinn

Sources: Old Mutual press release, December 15th

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