Absa in 'sell-off talks'

A combination of the Absa business with the Sanlam-owned equivalent would become one of SA's largest money managers

23 May 2021 - 00:06 By Agency Staff

Absa Group is in talks to sell part or all of its asset-management business to Africa's largest insurer, a deal that could create a firm with more than R900bn in assets, according to people familiar with the matter.

SA's third-largest lender is in discussions with both Sanlam and partner African Rainbow Capital Investments (ARC) about a deal, said the people, who asked not to be named because the discussions are private. No decision has been reached and an agreement may not be concluded, they said...

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