FBN Holding completes sale of Insurance stake to Sanlam

FBN Holdings Plc has completed the sale of its insurance stake to Sanlam (PTY) Limited.

The Group made this disclosure in a statement filed by the firm to the Nigerian Stock Exchange.

This arrangement confers full ownership of FBN Insurance Limited and its subsidiary, FBN General Insurance Limited on Sanlam forthwith, following receipt of all relevant regulatory approvals.

Two months ago, FBN wanted to sell majority of its 65% stake to Sanlam who already own 35% of FBN Insurance.

Explaining reasons for divesting all its shares to Sanlam, the Group told the Nigerian Bourse that it was in line with its strategic objectives.