Africa News - Barclays Africa completes takeover of Kenya's First Assurance
Source: Middle East Insurance Review | May 2016
South Africa-based Barclays Africa has formally acquired a controlling stake in Kenya’s First Assurance after receiving regulatory approval.
The approval is the culmination of a proposal that was fronted in June last year by Barclays to buy a 63.3% stake in First Assurance. In addition, the bank also announced an additional KES700 million (US$6.9 million) capital injection to boost the business.
The deal will see the bank diversify its revenue portfolio as it seeks to reduce its reliance on corporate and retail lending market.
KES1 = US$0.99