Old Mutual To Move Admin-base to Cape Town - 17 Aug 2009 12:07
In an effort to cut costs, Old Mutual Place is considering moving its long-term European retail business to Cape Town. The majority of Old Mutual’s South African staff are already based in the Cape, but details regarding the move are still to be given. CEO of Old Mutual says more information will be given in March next year.
The move to reduce costs, though, is not in conflict with the company’s plan to inject $300 million into the US life-insurance division. The spokesperson says that the injection to take place next year will maintain the risked based capital ratio at 300 percent.
Earlier in the year Old Mutual cut costs by selling its Australian divisions. Focusing on US markets, the overhaul looks to buoy the insurer through a difficult economic climate.
In an effort to cut costs, Old Mutual Place is considering moving its long-term European retail business to Cape Town. The majority of Old Mutual’s South African staff are already based in the Cape, but details regarding the move are still to be given. CEO of Old Mutual says more information will be given in March next year.
The move to reduce costs, though, is not in conflict with the company’s plan to inject $300 million into the US life-insurance division. The spokesperson says that the injection to take place next year will maintain the risked based capital ratio at 300 percent.
Earlier in the year Old Mutual cut costs by selling its Australian divisions. Focusing on US markets, the overhaul looks to buoy the insurer through a difficult economic climate.