RSS   Newsletter   Contact   Advertise with us
Post Online Media
Post Online Media Magazine

Old Mutual says Brexit may impact underlying businesses

Share on Twitter Share on LinkedIn
Staff writer ▼ | June 28, 2016
Old Mutual
Banking   The average value the rand has decreased by 22 percent

Old Mutual's underlying businesses may be affected by the UK's vote to leave the European Union, the company said.

The financial services company added that expected headwinds of weaker and more volatile foreign exchange and equity markets have materialised.

"However, the average value of the rand year-to-date 2016 has decreased by 22% as compared to the first half of 2015. We continue to keep operational management focused on maximising returns," said chief executive Bruce Hemphill.

"We have started executing the managed separation and I am pleased with the progress that we have made since the announcement three months ago," he said. Old Mutual plans to split into four separate businesses.

Gross sales in the year to date had been strong but it had seen continued weakness of the rand, the currency in which we it generates most of its profits, and volatility in other African currencies and lower average equity markets.

What to read next
POST Online Media Contact