Mr Peter Mwangi has been appointed chief executive of the newly merged UAP Holdings and Old Mutual Group. PHOTO | FILE
What you need to know:
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 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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