Corporate News
Mr Peter Mwangi has been appointed chief executive of the newly merged UAP Holdings and Old Mutual Group. PHOTO | FILE
By VICTOR JUMA
In Summary
- Peter Mwangi, who was hired after retiring from the NSE to head Old Mutual Kenya in October last year, has now been promoted.
- Mr Mwangi will head the UAP-Old Mutual Group that emerged from the consolidation of the two companies.
Mr Peter Mwangi has been appointed chief executive of the newly merged UAP Holdings and Old Mutual Group.
The former Nairobi Securities Exchange (NSE) chief executive
will head the UAP-Old Mutual Group that emerged from the consolidation
of the two companies.
Global financial services firm Old Mutual last year
acquired a 60.7 per cent stake in UAP after buying shares from a group
of investors, including private equity firms.
It has since moved to consolidate UAP and its previous stand-alone businesses in Kenya including insurance and asset management.
Mr Mwangi, who was hired after retiring from the
NSE to head Old Mutual Kenya in October last year, has now been promoted
to the new position.
“His proven business acumen and his extensive
leadership experience at the helm of the Nairobi Securities Exchange and
various East African companies — at both director and board level —
make him the ideal person to take our business forward into an exciting
new era of integration, expansion and significant growth,” said UAP-Old
Mutual Group chairman Joseph Wanjui.
The company did not say whether the position of UAP
Holdings CEO, held by Dominic Kiarie, has been scrapped in the
restructuring.
The firm did not respond to our queries by the time of going to Press.
The firm did not respond to our queries by the time of going to Press.
The combined entity has a bigger financial muscle, offering life and general insurance, banking, and asset management services.
Mr Wanjui noted that UAP-Old Mutual Group is now
one of the largest financial services providers in Kenya with a growing
footprint in Tanzania, Uganda, Rwanda, the DRC and South Sudan.
“We congratulate Peter on his appointment and we
are confident that under his leadership the UAP-Old Mutual Group will
achieve great things together for our combined customers, employees and
other stakeholders in this dynamic region,” the CEO of Old Mutual East
and Southern Africa Tavaziva Madzinga said in a statement.
“Our long-term vision is to be Africa’s financial
services champion, and our growth in East and Central Africa will
contribute significantly to realising that.”
UAP-Old Mutual Group is expected to list on the
Nairobi Securities Exchange (NSE) in the near term, making it one of the
biggest businesses to go public in recent years.
The company’s shareholders agreed to the listing during the recent annual general meeting in Nairobi.
Listing will also make it easier to trade the
firm’s shares and help in price discovery. The stock is currently traded
over-the-counter at highs of Sh200 per share.
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