Sanlam acquires FBN Insurance

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FBN Holdings, a Nigerian financial group, sold its entire stake of 65% in FBN Insurance, to Sanlam Emerging Markets.

The latter previously held 35% of the Nigerian company. This operation enables the South African insurer to take full ownership of FBN Insurance and its subsidiary FBN General Insurance. The amount of the transaction was not disclosed.

Culled from Atlas Magazine