Santam has reached an agreement to buy the 76% of brokerage firm Indwe Broker Holdings it does not already own from Sanlam Life Insurance and Patrice Motsepe's African Rainbow Capital (ARC) Financial Services.

ARC Financial Services owns 51% of Indwe while Sanlam holds 25% with the remaining 24% held by Santam. ARC Financial Services is a subsidiary of African Rainbow Capital and Ubuntu-Botho Investments (UBI). The latter is a shareholder of Sanlam and is also its broad-based BEE partner. Santam is in turn a subsidiary of Sanlam, which holds about 59% of its shares...

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