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The FirstRand CEO talks about the group's expansion strategy. Time: 02:32.
Q: What would you do with a lump sum of money?
If you'd invested R100 in Old Mutual 10 years ago it would be worth less now than the amount you put in. It's a damning indictment of a failed globalisation strategy that has cost shareholders at least R100bn in acquisitions and subsequent capital injections since its ill-fated London listing in 2000. That excludes a further bill of around R8bn in cumulative corporate costs since demutualisation.
