, NAIROBI, Kenya, Jun 23 – Old Mutual Kenya Chief Executive Officer Peter Mwangi will be the CEO of the newly merged UAP – Old Mutual Group Business.
Mwangi has been the CEO of Old Mutual Kenya since October 2014 and previously worked as Nairobi Securities Exchange CEO for six years.
UAP – Old Mutual Group Chairman Joseph Wanjui says his proven business acumen makes Mwangi the ideal person to take the business forward.
He said the combined assets strengths and talents of the business will provide customers with a comprehensive range of professional services from life to general insurance, banking and asset management among others.
The combined business of UAP Holdings and Old Mutual Kenya will be listed at the Nairobi Securities Exchange (NSE) once the ongoing integration of the two businesses is complete.
UAP Holdings in January suspended trading of its shares which were moved to the Over-The-Counter market.
READ: UAP halts share trading on Over-The-Counter market
Old Mutual got all the regulatory approval to acquire a 60.6 percent stake in UAP Holdings. It initially acquired 23.33 percent stake in UAP held by Centum Investment Company and Industrialist Chris Kirubi.
READ: Why I sold my stake in UAP Holdings
The firm also bought 37.3 percent shareholding from private equity firms including Abraaj Group, AfricInvest and Swedfund.
“The complementarity of the two strong brands – UAP, a distinctive brand south of the Sahara and north of the Limpopo, and Old Mutual, a strong global brand and South Africa’s leading insurance brand – will result in better value offering for current and future clients. They will benefit from the combined strengths of both organizations in Information Technology systems, distribution networks, a wide range of products and services, as well as strong leadership teams,” Wanjui added.