UK, Feb. 20, 2001 (PRIMEZONE) -- Old Mutual plc is an integrated financial services group, based in London, with a substantial life assurance business in southern Africa, an international range of businesses in asset management (including unit trusts, portfolio management and stockbroking services), together with businesses in banking and general insurance.
Nedcor Ltd ("Nedcor"), the South African banking group, in which Old Mutual plc ("Old Mutual") has a 53.4% holding, has today issued financial results for the year ended 31 December 2000.
It should be noted that for Old Mutual's accounts, which will be released on 6 March 2001, certain items in the Nedcor results will be treated under UK Generally Accepted Accounting Practice (GAAP) rather than South African GAAP used by Nedcor. Exceptional charges relating to branch property write downs and leasehold premises will be included in operating profits for UK GAAP reporting purposes.
Commenting on Nedcor's results, Mike Levett, Chairman and CEO of Old Mutual said:
"Once again, Nedcor has turned in a good set of results and has positioned itself well for future growth, particularly in the strategic alliances and investments it made last year."