OLD Mutual yesterday took another step to restructure its global business as its shareholders anticipate an expected windfall of £1bn through a special dividend from recent disposals.
The insurer yesterday said it would create a single wealth management unit in Europe, which analysts suggested would improve efficiency, while sharpening its focus on expanding revenue.
Old Mutual is in the middle of a strategy, now in its third year, to dismantle and restructure its unwieldy global businesses through asset disposals and use the proceeds to repay debt. Some is likely to be reinvested in the core long-term savings and insurance units in emerging markets.
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