Our partnership with this giant of the financial services sector stretches back to WIPHOLD’s delisting from the JSE in 2003. The relationship was based on Old Mutual taking a 32.5% stake in WIPHOLD in 2003 and us acquiring a shareholding in Old Mutual Plc, Nedbank and Mutual and Federal in 2005.
The 2005 BEE business partnership was based on a facilitated transaction and performance agreements for a 10-year period. Since the maturation of the BEE deal, WIPHOLD has retained a small shareholding in Old Mutual, and sold its stake in Nedbank in 2017.
Project Imbizo was one of the outcomes from this relationship that set the tone early on for the value that WIPHOLD brought to our financial services partners. This was a transformational financial services strategy developed and driven by WIPHOLD to promote sustainable financial inclusion offering communities safe savings, loans and appropriate insurance services. In so doing, it helped communities to enhance incomes, acquire capital, manage risk and move out of poverty.
Investment name: Old Mutual Group
Rationale for the investment: To participate in the financial services sector through strategic investments.