Johannesburg - Financial services group MMI Holdings [JSE:MMI] is to buy a local stock brokerage house from Botswana's Imara Holdings to increase its exposure to wealthier investors, it said on Monday.
The R120m cash purchase of Imara SP Reid would also cut costs incurred by MMI's asset management arm on external brokers.
The number of multi-millionaires in Africa is expected to grow by more than 50% in the next 10 years, faster than anywhere else in the world, according to a recent estimate by consultancy Frank Knight.
The deal is subject to regulatory and shareholder approval.
The R120m cash purchase of Imara SP Reid would also cut costs incurred by MMI's asset management arm on external brokers.
The number of multi-millionaires in Africa is expected to grow by more than 50% in the next 10 years, faster than anywhere else in the world, according to a recent estimate by consultancy Frank Knight.
The deal is subject to regulatory and shareholder approval.