– SOUTH AFRICA, Gauteng – Nedbank Group and Nedbank Limited, the majority-owned South African banking subsidiary of Old Mutual plc, released today that the boards of Nedbank Group and Nedbank are pleased to announce the appointment of Mr Rob Leith as a non-executive director of the Companies with effect from 13 October 2016.
Mr Leith was appointed as the Director of Managed Separation at Old Mutual plc (Nedbank Group’s ultimate holding company) on 14 March 2016. He joined Old Mutual from a private investment company where he had been since September 2014. Prior to that, he was Global Head of Investment Banking and Global Markets of Sberbank CIB. He joined Sberbank CIB in January 2012 from Standard Bank, where he had served for over 20 years in the UK, latterly as Head of Group Strategic Development and Chief Executive of Global Corporate and Investment Banking.
Mr Vassi Naidoo, Nedbank Group Chairman, welcomed Mr Leith and said: ‘The Nedbank Group Board will benefit greatly from Rob’s banking expertise and his understanding of the wider financial services industry in Africa.’
Old Mutual provides investment, savings, insurance and banking services to 18.9 million customers in Africa, the Americas, Asia and Europe. Originating in South Africa in 1845, Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.
Old Mutual has announced a strategy of managed separation, which will entail separating its four businesses into standalone entities. The four businesses are:
- Old Mutual Emerging Markets: An African financial services leader, providing long-term savings, protection, investment and lending to retail and corporate customers
- Nedbank: Old Mutual owns a 54% stake in Nedbank, one of South Africa’s top four banks, providing wholesale and retail banking, insurance and asset management for individuals and businesses
- Old Mutual Wealth: a leading wealth management business in the UK and international markets
- OM Asset Management: Old Mutual owns 65.8% in the New York Stock Exchange listed OM Asset Management which offers a diverse range of investment strategies and products for institutions, delivered worldwide through seven US-based boutiques.
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