Sanlam and Absa (once known as the Amalgamated Banks of SA) have had a cultural affinity for many years, in particular through the Volkskas component which Sanlam saw as part of the emerging Afrikaans business community from the 1930s onwards.

And Sanlam rescued another part of Absa — Trust Bank — from bankruptcy in the 1980s. There was also a memorandum of understanding which was supposed to encourage cross-selling of Sanlam life and funeral policies in every Absa branch. Ultimately, that didn’t work because, whatever Absa’s faults, it built an excellent in-house insurance business which remains a source of substantial profit at the bank...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now