Old Mutual plc operates a financial services business in South Africa, providing wealth management, investment products, retirement savings, life, disability and health insurance to individuals and groups. It also offers financial services in other parts of Africa through operations in Namibia, Zimbabwe, Malawi, Kenya and Swaziland. Its banking business in Africa is conducted by Nedbank Group, in which it has a 55 % controlling interest. It also has a 74 % controlling interest in Mutual & Federal Insurance Company Limited, the South African general insurance company. The Company operates in Europe through Skandia. It is divided into three business units: United Kingdom and Offshore, Nordic and Europe and Latin America (ELAM). In addition Skandia Investment Group (SIG) provides investment management services to the three Skandia businesses as well as other businesses across the Group. In March 2009, it announced that its US Life Offshore business, Old Mutual Bermuda was closed.