One of Nigeria’s largest financial services group, FBN Holdings said it is selling off its insurance subsidiary, FBN Insurance to Sanlam.
In a statement issued to the Nigeria stock exchange, the group said the divestment is in line with the it’s strategic objectives.
“The Company has commenced discussions with Sanlam (PTY) Limited (the owners of the 35% equity of FBN Insurance Limited (FBNI) with a view towards selling its 65% holdings to Sanlam.
This effectively covers the ownership of FBN Insurance limited (Life) and it’s subsidiary, FBN General Insurance limited on Sanlam forthwith, following the receipt of all relevant regulatory approvals.
FBN Holdings is engaging the regulators on this matter and a further announcement will be made as to the discussions progress.”