FBN Holdings Plc sold its stake in FBN Insurance to Sanlam Emerging Markets (Proprietary) Limited (Sanlam) for a total consideration of N24.62 billion.
The sale was completed on June 1, 2020.
FBNH had earlier announced the transfer of its 65 percent shareholding in FBN Insurance Limited to Sanlam.
This effectively confers full ownership of FBN Insurance Limited and its subsidiary, FBN General Insurance Limited on Sanlam following receipt of all relevant regulatory approvals.
Both organizations had activated the Shareholders Agreement which provided pre-emptive rights to Sanlam.
Sanlam is a South African financial services group headquartered in Bellville, Western Cape. It is listed on the Johannesburg Stock Exchange, the Namibian Stock Exchange and the A2X. Established in 1918 as a life insurance company, Sanlam Group has developed into a diversified financial services business.
FBN Insurance was one of the fastest growing subsidiaries of FBN Holdings and doing its bit to help turnaround the Tier one lender.