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Old Mutual East Africa Group is a financial services conglomerate that maintains its headquarters in
Kenya Kenya, officially the Republic of Kenya, is a country located in East Africa. With an estimated population of more than 52.4 million as of mid-2024, Kenya is the 27th-most-populous country in the world and the 7th most populous in Africa. ...
, with subsidiaries in
Uganda Uganda, officially the Republic of Uganda, is a landlocked country in East Africa. It is bordered to the east by Kenya, to the north by South Sudan, to the west by the Democratic Republic of the Congo, to the south-west by Rwanda, and to the ...
,
Tanzania Tanzania, officially the United Republic of Tanzania, is a country in East Africa within the African Great Lakes region. It is bordered by Uganda to the northwest; Kenya to the northeast; the Indian Ocean to the east; Mozambique and Malawi to t ...
,
South Sudan South Sudan (), officially the Republic of South Sudan, is a landlocked country in East Africa. It is bordered on the north by Sudan; on the east by Ethiopia; on the south by the Democratic Republic of the Congo, Uganda and Kenya; and on the ...
,
Rwanda Rwanda, officially the Republic of Rwanda, is a landlocked country in the Great Rift Valley of East Africa, where the African Great Lakes region and Southeast Africa converge. Located a few degrees south of the Equator, Rwanda is bordered by ...
and the
Democratic Republic of the Congo The Democratic Republic of the Congo (DRC), also known as the DR Congo, Congo-Kinshasa, or simply the Congo (the last ambiguously also referring to the neighbouring Republic of the Congo), is a country in Central Africa. By land area, it is t ...
.


Location

The headquarters of Old Mutual East Africa Group are located in the 33-storey Old Mutual Tower, located on ''Hospital Road'', in Upper Hill,
Nairobi Nairobi is the Capital city, capital and largest city of Kenya. The city lies in the south-central part of Kenya, at an elevation of . The name is derived from the Maasai language, Maasai phrase , which translates to 'place of cool waters', a ...
, about , southwest of the city's
central business district A central business district (CBD) is the Commerce, commercial and business center of a city. It contains commercial space and offices, and in larger cities will often be described as a financial district. Geographically, it often coincides wit ...
. The coordinates of the company headquarters are: 01°17'56.0"S, 36°49'10.0"E (Latitude:-1.298889; Longitude:36.819444).


Overview

In 2014, Old Mutual acquired a controlling 67 percent interest in Faulu Kenya, the second-largest microfinance bank in Kenya, whose
stock Stocks (also capital stock, or sometimes interchangeably, shares) consist of all the Share (finance), shares by which ownership of a corporation or company is divided. A single share of the stock means fractional ownership of the corporatio ...
is privately held, for a sum of KSh3.6 billion (approx. US$40 million). In early 2015, Old Mutual, spent a total of US$253.1 million (KSh 23.1 billion) to acquire 60.66 percent shareholding in
UAP Holdings Old Mutual Holdings Plc, Formally known as UAP Holdings Limited, is an investment, retirement, and insurance group that operates mainly in Eastern Africa. UAP Holdings is one of the leading insurance and financial services groups in eastern Afric ...
. Later in 2015, Old Mutual began to consolidate all its investments in Kenya under one company, namely the "Old Mutual East Africa Group". The integration involves (a) UAP Holdings, in which Old Mutual owns 60.66 percent (b) Faulu Kenya, in which Old Mutual owns 67 percent and (c) the legacy businesses of Old Mutual Kenya, in which Old Mutual maintains 100 percent shareholding. Old Mutual plans to list its shares on the
Nairobi Securities Exchange The Nairobi Securities Exchange (NSE) was established in 1954 as the Nairobi Stock Exchange, based in Nairobi the capital of Kenya. It was a voluntary association of stockbrokers in the European community registered under the Societies Act in ...
(NSE) in 2018, after the mergers are concluded.


Governance

The group is governed by a 14-person board of directors chaired by Dr. Joseph Barrage Wanjui, a shareholder in the business. The
Group CEO A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...
is
Peter Mwangi Peter King'ori Mwangi is an electrical engineer, accountant and business executive in Kenya. He is the current Group Managing Director and Group Chief Executive Officer of the UAP Old Mutual Group, the financial services conglomerate, based ...
, a certified public accountant and a chartered financial analyst.


See also

*
UAP Holdings Old Mutual Holdings Plc, Formally known as UAP Holdings Limited, is an investment, retirement, and insurance group that operates mainly in Eastern Africa. UAP Holdings is one of the leading insurance and financial services groups in eastern Afric ...
*
Faulu Kenya Faulu Microfinance Bank Limited, commonly referred to as Faulu Kenya, is a microfinance bank based in Kenya. It is regulated by the Central Bank of Kenya. The word ''Faulu'' is Swahili for succeed. History Faulu Microfinance Bank is a limite ...
*
Old Mutual Old Mutual (officially Old Mutual Limited) is a South African investment, savings, insurance, and banking group, operating across Africa. It is listed on the Johannesburg Stock Exchange, the Zimbabwe Stock Exchange, the Namibian Stock Exchan ...


References


External links

{{portal, Companies
Website of Old Mutual East Africa Group
Financial services companies of Kenya Companies based in Nairobi Conglomerate companies of Kenya Financial services companies established in 2015 2015 establishments in Kenya