Standard Bank fuels Old Mutual’s pan-African growth with R5.25bn sustainability-linked funding

Premier pan-African financial services group, Old Mutual founded in 1845 as South Africa’s first mutual life assurance society, has a storied legacy in financial services. For over 175 years, it has been dedicated to helping customers achieve their financial goals, offering products and services that secure futures and uplift communities.

As a financial services company, Old Mutual’s commitment is to be their customer’s first choice to sustain, grow and protect their prosperity. Old Mutual’s business response to sustainability is shaped by its core business activities and competencies, the material ESG issues impacting its business and stakeholders, and a deep commitment to acting responsibly and treating all stakeholders fairly.

At Old Mutual, creating positive futures is a core part of its identity. Sustainability is fundamentally integrated into its business activities. Old Mutual aims to achieve positive economic, environmental and social outcomes, while delivering business value by responding to issues that are most relevant to their operating context. Old Mutual achieves this through its focus on responsible investing, financial wellness and enabling climate action by supporting the Just Transition to a green economy. Through delivering into its sustainability strategy, Old Mutual not only provides security for individuals and families but also contributes to a brighter, more sustainable future for society as a whole.

Acting as the Sole Mandated Lead Arranger, Bookrunner, Lender and Sustainability Coordinator for Old Mutual Limited R5.25bn syndicated term debt package, Standard Bank’s role underscores its dedication to delivering tailored, impactful financial solutions. The funding package includes a R2.25bn Multi-Currency Facility and a R3bn Revolving Credit Facility, both of which are both sustainability-linked. These facilities are tailored to support Old Mutual’s ambitious growth trajectory and its strategic vision of expanding financial access throughout the continent.

The Multi-Currency Facility provides bespoke funding that enables Old Mutual to access liquidity in multiple currencies across various African markets, including South Africa, Namibia and Kenya, through a single, centrally managed funding platform. This financing solution aligns with the bank’s shared commitment to fostering sustainable growth and resilience in the financial services sector across Africa.

The embedded sustainability Key Performance Indicators (KPIs) focus on renewable energy and diversity and inclusion, aligning with Old Mutual’s focus areas of driving positive socioeconomic impact and decarbonization. The linking of financing solutions with environmental and social metrics highlights Old Mutual’s commitment to sustainability, which is embedded in their Responsible Business ethos.

Operating in 12 countries across Africa and Asia and employing over 27 000 people, Old Mutual is uniquely equipped to make a meaningful difference. Through this funding, Old Mutual will be able to further extend its reach, creating inclusive growth and financial empowerment across its diverse footprint.

As Africa’s largest bank, we recognise that partnerships with organisations such as Old Mutual are critical to fostering a sustainable future. By supporting enterprises that champion sustainability, we reinforce our commitment to delivering flexible, impactful financial solutions that drive growth and innovation across Africa.

We are proud to support Old Mutual's vision for the future and contribute to a more prosperous and sustainable Africa.