Old Mutual has confirmed the sale of its Latin American businesses to China Minsheng Investment Group (CMIG), a Singapore-based private investment group.

The deal, which went through for an undisclosed amount, includes Old Mutual’s Colombia and Mexico ventures, and Aiva, an investment advisory and distribution platform for Latin American independent financial advisers.

The South Africa-headquartered insurer’s decision to let go of these businesses came after a strategic review that concluded that the company should focus its emerging market efforts in Sub-Saharan Africa, reported City A.M.

“Proceeds from the sale will be retained for general corporate purposes by Old Mutual Emerging Markets,” Old Mutual said in a statement.

Goldman Sachs and Rothschild were the financial advisers to Old Mutual for this transaction, which is subject to regulatory approvals and customary closing conditions.

Old Mutual is currently undergoing a restructuring phase, which is set to complete by the end of this year. Last year, it exited its Indian joint venture, selling its 26% stake in Kotak Mahindra Old Mutual Life Insurance for US$200 million.