OML, focusing on emerging markets, recently listed with former Old Mutual Asset Management re-branded as BrightSphere Investment Group, a US-based asset manager.

Nedbank said the listing of OML was the precursor to the third and final step of the managed separation and entailed the reduction in OML’s shareholding in Nedbank Group through the distribution of Nedbank Group ordinary shares to OML’s shareholders.

“This will result in OML, immediately after the implementation of distribution or unbundling, holding a 19.9percent strategic minority shareholding in Nedbank Group,” the group said.

After the unbundling it was expected that OML shareholders would receive three ordinary shares in Nedbank Group for every 100 OML shares held.

Currently Nedbank said it continued to operate on a business-as-usual basis and the managed separation would have no impact on its strategy, its day-to-day management or operations, its staff or clients.

“Our engagements with Old Mutual have been at arm’s length and are overseen by independent board structures. Old Mutual operates predominantly in the investment, savings and insurance industry, which has little overlap with banking, even though we compete in the areas of asset management and personal loans,” Nedbank said.