Old Mutual plc (Old Mutual) announces today that terms have been agreed to sell Skandia Poland, part of Old Mutual Wealth, to Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG).

As at 30 September 2013, Skandia Poland had funds under management of EUR414m. The consideration for the transaction is not being disclosed.

The transaction is part of Old Mutual Wealth´s commitment to simplify its operations in Europe and focus on a select number of core growth markets.

The transaction is subject to regulatory approvals and other customary conditions and is expected to take approximately six months to complete.

Source: NSX