Ecobank and Old Mutual announce enhanced strategic agreement
Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group, and Old Mutual Emerging Markets (OMEM), a part of the Old Mutual Group, a fortnight ago, announced an enhanced strategic agreement that will strengthen existing ties between the leading pan-African bank and the insurance and asset management giant.
Old Mutual through its subsidiary Nedbank, owns a 20% stake in Ecobank. The life insurer sees its shareholding in Ecobank as the magic door to open the central and West African regions for its planned expansion into Africa outside of South Africa and its immediate neighbours.
Old Mutual Emerging Markets currently has a bancassurance partnership with the Ecobank Group. This latest agreement will grow the existing strategic alliance by offering seamless insurance services to Ecobank clients across selected countries where the two groups have operations. Clients will benefit mutually though access to a range of financial services that include life insurance, savings and short-term insurance solutions across a greater network on the African continent.
Ecobank Group CEO, Ade Ayeyemi said plans for the integrated model include providing access to Old Mutual solutions for Ecobank’s banking operations across selected countries. “This is a productive and valued partnership between two pan-African institutions to provide complete financial services solutions to our customers,” he said.
Ralph Mupita, CEO of Old Mutual Emerging Markets, said, “It is in our mutual interest to ensure that this alliance grows from strength to strength, as we now look to complement Ecobank’s range of banking services to its customers with Old Mutual’s trusted financial products across the Ecobank network on the continent.”
Signed by both company chief executives at the Ecobank Group’s Lome head office a fortnight ago, the enhanced agreement goes into immediate effect.