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Integration of UAP-Old Mutual Group to take 3 months, CEO says

NEWS
By Lydiah Nyawira | July 9th 2015

NAIROBI: The integration of all services offered within the newly merged, UAP-Old Mutual Group is expected to be complete within the next 100 days, Group Chief Executive Officer Peter Mwangi has said.

More than 500 employees of UAP-Old Mutual Group based in the Central Kenya region were on Tuesday briefed on the implications of the merger between UAP, Old Mutual and Faulu Microfinance Bank.

Mwangi said the merger of services offered by the three organisations would allow clients access to various services offered such as life and general insurance to banking and asset management.

“We want our clients to access a variety of services when they walk into any of our branches, which will be one-stop shops,” Mwangi explained.

“The merger has offered us an opportunity for skills transfer across the various platforms and we intend to invest in training of our staff to offer clients full benefits.”

Old Mutual owns 67 per cent of Faulu Microfinance Bank, which will now become an agent for the new group in distributing its products. Faulu Microfinance Bank has 11 branches while Old Mutual has three and UAP has four offices in the region. Mwangi assured the employees of their jobs.

“We have so far had positive response from clients in the region and are expecting to see improved growth due to the interest in financial services from residents of Mt Kenya region,” Mwangi said.

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