Financial services group Old Mutual has revealed details of what its relationship will look like with Nedbank, its South African business, once the group undergoes a four-way breakup.

After a review of its various businesses started back in 2015, Old Mutual said there were limited benefits to keeping them in one group and that regulation was making it more costly to do so. It said it would separate the four — Old Mutual Emerging Markets, Old Mutual Wealth, Old Mutual Asset Management and Nedbank — and sell or list them. The group's London headquarters, overlooking the River Thames, will be turned into a luxury hotel.