The separation gained momentum with the primary listing of Old Mutual Limited (OML) on the JSE and also on the London Stock Exchange, the Namibian Stock Exchange, the Zimbabwe Stock Exchange and the Malawi Stock Exchange on June 26.
Nedbank chief operating officer Mfundo Nkuhlu said the unwinding of OMP was already under way after the listing of Quilter and OML on the JSE and London Stock Exchange.
“This process will be completed when OML’s shareholding in Nedbank is reduced to a 19.9percent strategic minority shareholding in Nedbank Group. We have about five months remaining in that process and, as we said earlier, the process will be completed at the end of the year,” Nkuhlu said.
The managed separation, which was announced by OMP chief executive Bruce Hemphill in March 2016, was done to unlock value currently trapped within the group structure. OML will reduce its stake from 53to 19.9percent by the end of 2018. The managed break succeeded in separating former Old Mutual Wealth from the group listed separately as Quilter.