Old Mutual – now known as UAP Old Mutual – is set to send home 100 employees in a cost cutting measure in a exercise that is set to kick off this month.
Strikingly, despite having branches outside the country, only its Kenyan offices will be affected by the lay off.
“The review has been concluded and it has been determined that we need to implement various changes to some of our businesses in Kenya,” said UAP Old Mutual Group chief executive Peter Mwangi.
The group has businesses in Uganda, Tanzania, South Sudan, Rwanda and the Democratic Republic of Congo.
In a statement yon Wednesday, Mr Mwangi said affected employees will receive fair compensation.
Old Mutual took a 60.7 per cent stake in UAP for Sh26 billion ($253 million) in January 2015, just two months after it bought a 67 per cent stake in microfinance lender Faulu Kenya for Sh4.1 billion ($40 million).