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FBN Holdings to sell off insurance subsidiary

FBN Holdings to sell off insurance subsidiary

FBN Holdings Plc, the parent company of Nigeria’s oldest banking institution – First Bank of Nigeria Limited – Wednesday declared its intention to divest its 65% shareholding in its insurance arm, FBN Insurance Limited.

In its notice to the Nigerian Stock Exchange (NSE) yesterday, it said it had begun acquisition talks with Sanlam (PTY) Limited, which currently owns a 35% stake in the company, meaning Sanlam will fully own the firm once the transaction is consummated.

The divestment, according to the board of FBN Holdings, “is in line with the group’s strategic objectives”.

Read also: CBN initiates N3.5trn three-year recovery plan for Nigerian economy

“We are engaging the regulators on this matter and further announcement will be made as the discussions progress,” a statement signed by Company Secretary, Seye Kosoko, said.

FBN Holdings recently released its Audited Financial Statement for Full Year 2019 in which it reported a profit of N73.665 billion, up from N58.232 billion.

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