Sanlam to sell UK asset for £39m
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SANLAM, the South African head-quartered financial services firm, is selling its 100 percent shareholding in subsidiary Sanlam Life & Pensions UK to Chesnara, the London Stock Exchange-listed life and pension company for £39 million (R764m).
Sanlam said the sale was in line with its strategy to simplify its UK operations and reallocate capital to Africa and other selected emerging markets. The transaction was subject to regulatory approvals in South Africa and the UK, which are expected early next year.
Chesnara said Sanlam Life & Pensions UK would add £2.9bn of assets under administration through 80 000 policies across 60 000 clients. It said Sanlam Life & Pensions insurance and savings products were a strong fit for its strategy and operating model.
Chesnara said the deal was attractive for its shareholders and “supports the longer-term sustainability of the progressive Chesnara divdend strategy”.
BUSINESS REPORT ONLINE