UK, Dec. 15, 2000 (PRIMEZONE) -- Old Mutual plc (OML:L) is pleased to announce that Richard Laubscher, 49, has been appointed as an additional member of its Board, with effect from 1 January 2001. Richard Laubscher is Chief Executive of Nedcor Limited, the 53%-owned banking subsidiary of the Group. Nedcor Ltd is based in Johannesburg and its shares are separately listed on the JSE Securities Exchange South Africa.
Mike Levett, Chairman & Chief Executive of Old Mutual plc, said today:
"We are delighted that Richard, who manages one of our principal operating businesses, has accepted the invitation to join the Board. He is already a director of Old Mutual Life Assurance Company (South Africa) Limited, our principal life assurance subsidiary. His long and distinguished experience of international banking and financial services will be of great value to our Board."
NOTES TO EDITORS:
Richard Laubscher has been a director of Nedcor Ltd since 1992, and was appointed Chief Executive in 1994.
Richard Laubscher has spent his entire career with the Nedcor Group. He is an honours Graduate, Finance, of the University of South Africa, and an alumnus of the Harvard Advanced Management Programme. He is a past President of the Institute of Bankers, South Africa and past Chairman of The Banking Council. He is also a non-executive director of Old Mutual Life Assurance Company (South Africa) Limited, the Group's principal life assurance business.
Nedcor Limited is currently the third largest banking group in South Africa in terms of market capitalisation. Listed on the JSE Securities Exchange South Africa, Nedcor has assets of over US$ 19 billion. Old Mutual owns 53% of the equity of Nedcor. The Nedcor Group comprises retail and commercial banking, merchant banking, trust and related financial services companies. It operates internationally through operations and representative offices in London, the Isle of Man, Hong Kong, Beijing, Taiwan, Singapore and Mauritius and through associates in sub-Saharan Africa.