In a new statement released to The Exchange, Ecobank Transnational Incorporated, ETI and Old Mutual have just entered into a strategic agreement.
According to ETI, the agreement will strengthen existing ties between the two companies. Based on the agreement, 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 through 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. Speaking for 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.
Commenting on the development, Ralph Mupita, CEO of Old Mutual Emerging Markets,“This is a productive and valued partnership between two pan-African institutions to provide complete financial services solutions to our customers. 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.”
The agreement has been signed by both company’s chief executives at the Ecobank Group’s Lome head office today, the new agreement goes into immediate effect.
Incorporated in Lomé, Togo, Ecobank Transnational Incorporated (ETI) is the parent company of the leading independent pan-African banking group, Ecobank. It currently has a presence in 36 African countries. The Group employs over 20,000 people in 40 different countries in over 1,200 branches and offices.
Old Mutual Old Mutual operates primarily in the long-term savings and investment market. Its primary objective is to preserve and grow the money entrusted to it by its customers, either directly or through their advisors. In addition to having operations in South Africa since 1845, Old Mutual currently has operations across 19 countries.
Old Mutual is not listed on The Exchange. Shares of ETI [ETI:NL] are currently trading at NGN 15.19 per share. It has fallen by about 33.3% in the last 12 months.