Old Mutual must be kicking itself for refusing to unbundle its full controlling stake in Nedbank.

The then CEO, Peter Moyo, insisted on keeping a 20% holding in 2018 when the life assurer handed the rest of the shares to investors. The result is that in its half-year results to June, released this week, Old Mutual took a swingeing R8.5bn impairment through its income statement due to the 60% fall in Nedbank’s share price this year...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now