Sanlam has bought 65 per cent of FBN Insurance Ltd from FBN Holdings, following the activation of the shareholders’ agreement which provided pre-emptive rights to Sanlam.
FBN Holdings has subsequently divested from FBN Insurance.
With this development, Sanlam, a pan-African financial services company listed on the Johannesburg, Namibian and A2X stock exchanges, now fully owns FBN Insurance Limited (Life) and its subsidiary, FBN General Insurance Limited, following receipt of all relevant regulatory approvals.
However, the divestment does not affect FBN Insurance Brokers Limited as it remains a wholly-owned subsidiary of FBN Holdings Plc.
Commenting on the divestment, Mr U.K Eke, Group Managing Director, FBN Holdings Plc, said ‘’The divestment is in line with the Group’s medium to long term strategic objectives. This will ultimately improve our shareholders’ wellbeing and deliver greater value to all the stakeholders.”
In his reaction, Mr Heinie Werth, Chief Executive Officer, Sanlam Emerging Markets (Proprietary) Limited, said, “Over the years we have enjoyed a mutually beneficial partnership with FBNH, and we will continue to cooperate with them in the future. Sanlam exercised its pre-emptive right to acquire the remaining shareholding of FBNI and in line with our partnership philosophy that underpins our business model, we will introduce local shareholding at an appropriate time in the future. This transaction is evidence of our belief and confidence in the value and future of the business, as well as the skilled management team and staff. Moreover, we are committed to Nigeria and view it as a key market on the continent.”
FBN Holdings Plc, a leading African banking and financial services group, has a number of subsidiaries including First Bank of Nigeria Limited.
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