FILE PHOTO: A woman uses an ATM at a branch of Barclays South African subsidiary Absa bank

JOHANNESBURG - PSG Konsult, the JSE-listed financial services provider, announced on Monday that it has concluded an agreement to acquire the remaining short-term face-to-face advisory insurance brokerage business from Absa Insurance and Financial Advisers (AIFA).

AIFA business consists of 83 advisers and over 31,000 clients that will, upon fulfilment of conditions to the transaction, be integrated into the PSG Konsult distribution network of PSG Insure advisers.

PSG Insure offers short term insurance solutions for individuals and businesses by partnering with leading insurance providers to deliver a wide range of insurance options.

PSG said though its core focus remains organic growth, this acquisition which will be funded from existing cash resources will enhance the PSG Insure's footprint across South Africa.

 - African News Agency (ANA)