South African Insurance Group Takes Full Ownership of FBN Insurance in Nigeria

Must Read

Nigeria: CBN bans Corn/Maize importation

The Central Bank of Nigeria (CBN) has directed all authorised dealers to immediately discontinue the processing of Forms M...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is...

South African Insurance group Sanlam becomes the only shareholder in the Nigerian life insurance company FBN Insurance and its subsidiary FBN General Insurance.

The acquisition follows a deal signed between FBN Holding (parent company of FBN Insurance and FBN General Insurance) and Sanlam which grants the South African company the ownership over the 65% stake held by FBN Holding in the two branches.

Before the agreement was signed, Sanlam held 35% in FBN Insurance. The transaction, conducted through Sanlam’s business cluster focused on emerging markets, Sanlam Emerging Markets (SEM), has received all the necessary regulatory approvals.

This confers the ownership of FBN Insurance (Life) and its subsidiary, FBN General Insurance Limited, on Sanlam.

The deal, which was sealed via a Share Purchase Agreement (SPA), took effect from June 1.

- Advertisement -

Let’s note that FBN Holdings started the process of selling its shares in the capital of FBN Insurance since April 2020. The operation is in line with the development strategy of the Nigerian group. The financial details of this sale have not been disclosed.

The divestment, however, has no impact on FBN Insurance Brokers Limited as it remains a subsidiary of FBN Holdings.

- Advertisement -
South African Insurance Group Takes Full Ownership of FBN Insurance in NigeriaSouth African Insurance Group Takes Full Ownership of FBN Insurance in Nigeria

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Read Also:  AXA Mansard Sponsors Children’s Finance Education Fair

This site uses Akismet to reduce spam. Learn how your comment data is processed.

South African Insurance Group Takes Full Ownership of FBN Insurance in NigeriaSouth African Insurance Group Takes Full Ownership of FBN Insurance in Nigeria

Latest News

TradeDepot secures additional $10M to transform the informal retail supply chain in Nigeria

New investment will enable access to credit for retailers and Africa expansion TradeDepot, the B2B eCommerce platform for consumer goods...

12 Facebook Community Leaders from Nigeria, South Africa & Kenya Selected as Part of the Accelerator Program

As part of its focus in bringing people together and building communities, Facebook today announced the 12 African community leaders who have been selected...

Indigenous Peoples are crucial partners to build a better post–COVID-19 world, says IFAD President

Indigenous Peoples and their unique knowledge are essential to address the COVID-19 outbreak and to build a more sustainable, resilient world as we recover...

Mastercard Foundation and USIU-Africa partner to expand access to higher education in Africa

African Media Agency and the Mastercard Foundation today announced a partnership that will enable 1,000 high-performing students to receive a quality education and leadership...

COVID-19: MTN Nigeria Supports Ekiti Government with Two Ambulances (Photos)

…as state conducts pilot testing in four LGAs The Government of Ekiti State on Monday took delivery of two Toyota Hiace Ambulances donated by MTN...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -South African Insurance Group Takes Full Ownership of FBN Insurance in NigeriaSouth African Insurance Group Takes Full Ownership of FBN Insurance in Nigeria