Standard Bank plans to take full control of Liberty Holdings in an R11bn deal that will create a pan-African financial services conglomerate and double down on a business model some have ditched.

Under the cash and share deal unveiled on Thursday, Standard Bank — Africa’s largest bank by assets, which already owns 53.6% of the insurance group — has offered R89.96 per share. It is a 33% premium to Liberty’s close on Wednesday and values the group at R25.6bn...

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