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ECOBANK AND OLD MUTUAL SIGN STRATEGIC ALLIANCE

The strategic partnership between Ecobank Transnational Inc. (ETI) and Old Mutual in South Africa (OMSA) will shortly be operational following the signing of the framework agreement between the two parties in Johannesburg on 26 July 2010.

A Memorandum of Understanding (MOU) signed on 14 July 2008 laid the foundation for Ecobank and OMSA to jointly set up or acquire controlling interests in companies conducting life assurance, pension fund administration and unit trust management in Nigeria, Ghana and in other countries where Ecobank has a presence.

According to the MOU, ETI will provide distribution and marketing in conjunction with OMSA to ensure the success of the business.
“Forming a strategic alliance with Old Mutual, which is arguably one of the giants in the global insurance market, opens a new chapter in Ecobank’s development,” said Ecobank Group CEO, Arnold Ekpe. “The partnership also underlines our resolve to further leverage our unique distribution platform across the countries where we have banking operations to provide bancassurance products and services to our customers.”



www.ecobank.com

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