Old Mutual launches an operation in Swaziland

Old Mutual is expanding further into Africa with the opening of an office in Mbabane, Swaziland, o­n 5 May 2008.

Together with operations in Kenya, Malawi, Namibia and Zimbabwe, Swaziland is the fifth country o­n the African continent in which Old Mutual has a presence.

Johannes Gawaxab, Old Mutual’s Managing Director of African Operations says: “Old Mutual is the largest savings and investment company in Swaziland and we are committed to playing a meaningful role in the economic development of the country and its citizens.

“We will assist Swazi citizens to meet their financial goals with our array of world-class risk, retirement and investment solutions, backed by the expertise of our investment managers, Old Mutual Investment Group (OMIGSA).

Old Mutual has been servicing clients in Swaziland from South Africa for several years but in the interests of contributing to a sound African economy and a desire to capitalise o­n the potential market of 48 000 individuals Old Mutual has chosen to establish a fully-fledged business in the country.

According to new Swazi legislation, foreign companies wishing to establish operations in that country are required to partner with a local company to facilitate the transfer of skills and the development of a vibrant financial services industry.

“Following the identification of a suitable local operation with which to partner and the awarding of a permanent licence, we will finalise our plans o­n local employment requirements,” Gawaxab says.

“We will be relocating about 10 staff members from South Africa as a core team to train and develop local employees. The aim is to have the Swazi staff take over from their South African colleagues over time,” he says.

Old Mutual’s contribution to the Swazi economy will include ploughing back a portion of the income from the Swazi operation into the infrastructure development in that country. o­ne quarter of the revenue generated from client premiums in Swaziland will be reinvested to help finance a range of infrastructure projects, such as Swaziland’s first hospital and a dam to meet the country’s water demands.

“In line with our goal of enriching the lives of the citizens in the countries in which we operate, our aim is to uplift the people of Swaziland,” Gawaxab says.

The standard range of life, disability and investment products will be o­n offer to existing and potential clients in Swaziland.

Old Mutual has appointed Nicolette Hendricks as the Managing Director of the Swaziland operation.