Old Mutual Group, a pan-African investment, savings, insurance, and banking group, sold its Latin America business to China Minsheng Group International, a private equity firm, for $307m. The decision to sell Old Mutual´s Latin American operations followed a strategic review in which it was concluded that Old Mutual Emerging Markets should prioritise its sub-Saharan African businesses. Proceeds from the sale will be retained for general corporate purposes by Old Mutual Emerging Markets.