Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group, and Old Mutual Emerging Markets (OMEM), a part of the Old Mutual Group, today May 20, 2016 announced a new strategic agreement that will strengthen existing ties between the leading pan-African bank and the insurance and asset management giant. Old Mutual Emerging Markets currently has a bancassurance partnership with the Ecobank Group.
According to a joint statement by the two organisation released to the Nigerian Stock Exchange, this latest agreement will grow the existing strategic alliance by offering seamless insurance services to Ecobank clients across selected countries where the two groups have operations. Clients will benefit mutually though access to a range of financial services that include life insurance, savings and short-term insurance solutions across a greater network on the African continent.
Ecobank Group CEO Ade Ayeyemi said plans for the integrated model include providing access to Old Mutual solutions for Ecobank banking operations across selected countries. This is a productive and valued partnership between two Pan-African institutions to provide complete financial services solutions to our customers, he said.
On his part, Ralph Mupita, Chief Executive Officer of Old Mutual Emerging Markets, said: It is in our mutual interest to ensure that this alliance grows from strength to strength, as we now look to complement Ecobank range of banking services to its customers with Old Mutual trusted financial products across the Ecobank network on the continent.
Incorporated in Lome, Togo, Ecobank Transnational Incorporated (ETI) is the parent company of the leading independent pan-African banking group, Ecobank. It currently has a presence in 36 African countries: Angola, Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo (Brazzaville), Congo (Democratic Republic), Cote d Ivoire, Equatorial Guinea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia, Malawi, Mali, Mozambique, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Togo, Uganda, Zambia and Zimbabwe.
The Group employs over 20,000 people in 40 different countries in over 1,200 branches and offices. Ecobank is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals.
Old Mutual operates primarily in the long-term savings and investment market. Its primary objective is to preserve and grow the money entrusted to it by its customers, either directly or through their advisors. In addition to having operations in South Africa since 1845, Old Mutual currently has operations across 19 countries. Its Africa footprint includes operations in Ghana, Nigeria, Kenya, Malawi, Namibia, Swaziland, Zimbabwe, Uganda, Tanzania, Rwanda and South Sudan.