Johannesburg - Shares of MMI Holdings fell 1.8% to R15.99 on the insurer's listing on the JSE on Wednesday.MMI's shares replace Metropolitian, after Metropolitian Holdings was acquired by unlisted rival Momentum.MMI said that the listing was the culmination of eight months of "intensive" negotiations and the merger represented one of South Africa’s largest and most complex financial services transactions."This is a significant day in our history and I feel very proud that we have come this far. The merger process was comprehensive, and sometimes difficult, but the fact that we are listing today is confirmation of the compelling business case the merger presents," said Nicolaas Kruger, group CEO of MMI. FirstRand [JSE:FSR] shareholders now hold 59.3% of MMI with Metropolitan shareholders owning 40.7%. FirstRand would unbundle all of its shares, leaving RMB Holdings [JSE:RMH] with a 17.9% stake in MMI.‘Whilst Momentum has significantly benefited from its time as part of the FirstRand Group the opportunity to carve its own niche in the financial services industry through this powerful new partnership with Metropolitan is an exciting challenge for us," said Kruger.MMI said that if it was measured by requirements of the Financial Sector Charter, it would have a black empowerment shareholding of at least 14.4%, with Kagiso Trust Investments holding 9.6% of the shares. MMI has an embedded value of about R30bn and total assets under management in excess of R400bn, it said.It will have a combined retail and employee benefits presence in 12 African countries as well as a multi-management business in the United Kingdom. MMI will also have a secondary listing on the Namibian Stock Exchange."I believe our African footprint will offer us a wealth of exciting growth opportunities. Whereas Metropolitan has a well-established retail presence in seven African countries, Momentum has built a health and employee benefits presence in 11 African countries. This combination allows for collaboration that will create a broader geographic presence, and provide a greater diversity of products in these and other African countries," said Kruger. MMI has retained two separate retail business units, with Momentum Retail and Metropolitan Retail, under the leadership of Johann Le Roux and Phillip Matlakala respectively.MMI’s Investments division (comprising asset management, collective investments, multi-management, property, and international investments) will be headed by Morris Mthombeni. Employee benefits, focused on the South African corporate sector, will fall under Etienne de Waal. The healthcare administration and funding businesses of Metropolitan and Momentum will be the responsibility of health CEO Blum Khan.The international business, predominantly focused on Africa, will be led by Mervyn Cookson.