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Johannesburg - Wealth management group Liberty Holdings has taken its African growth strategy a step further with the acquisition of a 57% stake in Kenya's Cfc Insurance Holdings.
The stake was previously held by Stanbic Africa Holdings, which is in the process of restructuring its assets.
"Liberty has made clear its strategic intent to grow its business within Africa's important economies, leveraging off Standard Bank's presence, and specifically to develop a presence in East Africa," said Liberty CEO Bruce Hemphill.
"This transaction checks all three of those boxes and while the acquisition is small within the context of the overall group, it provides a strategic platform which is expected to add significant value to shareholders."
CfC will also be listed on the Nairobi stock exchange.
Africa has been one of few bright spots for Liberty in a tough year which has seen corporate and retail customers under pressure. This has forced many to rethink their risk and life insurance as well as employee benefit options, or to cash in savings policies to pay off debt.
Liberty has moved into five African markets over the last two years, with the company reporting an increase in assets under management as well as increased coverage for its Liberty Health business.
Liberty Africa saw net inflows of R2.4bn into asset management businesses over the last nine months, according to a recent Liberty trading update.
- Fin24.com