Absa Group Is In Talks Of Selling Its Asset-Management Business!
Absa Group Is In Talks Of Selling Its asset-management business! Absa Group is in talks to sell part or all of its asset-management business to Africa’s largest insurer; a deal that could create a firm with more than R900bn in assets.
According to Business Live, SA’s third-largest lender is in discussions with both Sanlam and partner African Rainbow Capital Investments (ARC) about a deal, said the people, who asked not to be named because the discussions are private. No decision has been reached and an agreement may not be concluded, they said.
A combination of the Absa business with the Sanlam-owned equivalent would become one of the country’s largest money managers, behind the state-owned Public Investment Corp. The negotiating parties see room for further growth as the sector is otherwise populated with a number of small players, this is according to Bloomberg. Absa and Sanlam declined to comment. ARC, the investment vehicle of South African billionaire Patrice Motsepe, said it couldn’t comment on any talks with potential new partners.
Absa Group Limited (ABGL) (formerly Barclays Africa Group Limited), and originally Amalgamated Banks of South Africa, is a South African-based financial services group, offering personal and business banking, credit cards, corporate and investment banking, wealth and investment management, as well as bancassurance.
Sanlam is a South African financial services group headquartered in Bellville, Western Cape, South Africa. Sanlam is the largest insurance company in Africa. 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. Its five business clusters comprise Sanlam Personal Finance, Sanlam Emerging Markets, Sanlam Investments, Sanlam Corporate and Santam.
African Rainbow Capital is a black-owned investment company chaired by billionaire Patrice Motsepe. The Company offers financial services industry and businesses such as life insurance, health care, asset management, general financial services, short-term insurance, property, and banking sectors. African Rainbow Capital serves customers in South Africa.
