Sanlam gets BEE boost from Patrice Motsepe
ARC to buy 25% of insurer’s asset manager ensuring that the company will qualify for black-owned status
20 August 2020 - 23:12
In a move that will cement its relationship with billionaire Patrice Motsepe and create one of SA’s biggest black-owned investment houses, Sanlam has agreed to sell a quarter of its third-party asset management business to African Rainbow Capital’s financial services unit.
Sanlam, which is SA’s largest insurance company, said it will spin off parts of the business and sell a 25% stake to African Rainbow Capital Financial Services (ARC FS) for R815m...
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